Galaxy Digital, a crypto financial services company, has received a key regulatory approval in New York, boosting its efforts to expand institutional digital asset services.
The company said its subsidiary, GalaxyOne Prime NY, has received both a BitLicense and a Money Transmission License from the New York State Department of Financial Services.
With this approval, Galaxy Digital can expand its regulated crypto trading and financing services for institutional clients in New York, which is known as one of the toughest places for crypto businesses to get approval in the U.S.
Founded by crypto investor Mike Novogratz, Galaxy has steadily grown its presence in institutional crypto markets, trading services and blockchain infrastructure.
Novogratz called New York the country’s largest institutional capital market and said these approvals will help more institutions access digital assets.
New York’s BitLicense, introduced in 2015, is known for strict rules on cybersecurity, anti-money laundering, capital reserves, and consumer protection. Many crypto companies have had trouble getting approval because of these tough requirements.
This regulatory milestone comes at a tough time for the crypto industry. Galaxy recently reported a quarterly net loss of $216 million, mainly because of lower digital asset prices. Still, the company’s results were better than analysts expected.
Besides crypto trading, Galaxy is also expanding into artificial intelligence and data centre infrastructure. The company expects its Helios Data Centre campus in Texas, which supports AI and high-performance computing, to drive future growth.
This approval shows that, even with ongoing market volatility, regulated crypto firms are building stronger connections with traditional financial markets and institutional investors.
Galaxy has received a BitLicense and Money Transmitter License from @NYDFS, authorizing us to serve institutional clients across New York State.
The deepest pool of institutional capital in the country now has direct access to our full trading and custody platform.…
— Galaxy (@galaxyhq) May 18, 2026
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