We advised Galaxy on securing NYDFS approval for a BitLicense

Davis Polk advised GalaxyOne Prime NY LLC (GalaxyOne NY), a subsidiary of Galaxy Digital Inc., on its applications to the New York State Department of Financial Services (NYDFS) for a BitLicense and money transmitter license. The NYDFS approved the applications on May 15, 2026. The BitLicense permits GalaxyOne NY to conduct virtual currency business activities involving New York residents.

Based in New York City, Galaxy is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Galaxy has relationships with more than 1,600 trading counterparties, spanning both crypto-native and traditional finance, with approximately $9 billion in client assets across its platform.

The Davis Polk financial institutions team includes partner Zachary J. Zweihorn, counsel Daniel E. Newman and associates Russell Quarles and Josh Slifka. Members of the Davis Polk team are based in the New York and Washington DC offices.

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