[Exchanges](https://revain.org/exchanges/) › Bakkt

# Bakkt: licences, security, fees and reviews

Crypto trading infrastructure (B2B)

## In short

- **Legal entity**: Bakkt, Inc. (NYSE: BKKT); licensed operating subsidiary Bakkt Financial Solutions I, LLC.
- **Fees**: Trading: Not published; the fee schedule is shown on the partner platform after logging on.
- **Risks and caveats**: Crypto held with Bakkt is not FDIC-insured or SIPC-protected, and Bakkt is not a registered broker-dealer.
- **Checked**: 1 November 2026

## Key facts

- **Type**: Crypto trading infrastructure (B2B)
- **Exchange launched**: 2018
- **Country of registration**: United States
- **Operator**: Bakkt Financial Solutions I, LLC (subsidiary of Bakkt, Inc.)
- **Official site**: [bakkt.com](https://bakkt.com/)

Key facts checked on 1 November 2026 against official sources and regulator registers.

## What is Bakkt

Bakkt is a US financial technology company, founded in 2018 by Intercontinental Exchange (ICE), that builds regulated digital asset trading, stablecoin and payments infrastructure. Its customers are financial institutions, fintechs and consumer brands, which offer crypto buying and selling to their own users.

## Good to know

- Bakkt does not run a public exchange: end users buy and sell supported crypto through a partner's app or website (the 'Platform Provider'). [↗](https://bakkt.com/user-agreement-bakkt-fiat-and-trade/)
- In 2025 Bakkt sold its Custody business to ICE and its Loyalty business (closed 1 October 2025) to focus on trading, payments and infrastructure. [↗](https://investors.bakkt.com/news-releases/news-release-details/update-bakkt-releases-shareholder-letter-and-reports-full-year)
- On 10 April 2025 NYDFS accepted the surrender of the former Apex Crypto BitLicense; Bakkt Marketplace was renamed Bakkt Crypto Solutions, now Bakkt Financial Solutions I. [↗](https://www.dfs.ny.gov/virtual_currency_businesses/notice-of-surrender-bakkt-crypto)
- Bakkt Global takes minority stakes in companies abroad; in June 2026 Transchem (India) allotted 47.5 million warrants to Bakkt. [↗](https://investors.bakkt.com/news-releases/news-release-details/bakkt-reports-second-quarter-2026-results)
- Residents of US states where Bakkt is not authorised cannot open an account. [↗](https://bakkt.com/user-agreement-bakkt-fiat-and-trade/)

## Services

| Parameter | Details |
|---|---|
| Spot trading | Buying and selling supported digital assets for end users of partner platforms, plus OTC execution. |
| Fiat deposits | Wire and ACH funding connected to stablecoin settlement (live after the April 2026 DTR acquisition). |
| Custody / wallet | Customer assets held in omnibus hosted wallets; third-party custodians may be used. |
| Payments | Cross-border payments and stablecoin settlement through Bakkt Markets and Bakkt Agent. |
| Custody | Custody wording differs between Bakkt's own pages: the Risk & Security page says Bakkt does not custody or lend customer digital assets and that they are held by regulated third-party custodians; the Bakkt Fiat and Trade user agreement says Bakkt acts as custodian for digital assets in hosted wallets and may engage third-party custodians for safekeeping. The user agreement is dated 'Last Updated: September 20, 2026'; the Risk & Security page shows no date. |

## Licences and registrations

| Jurisdiction | Entity | Licence / registration | Regulator |
|---|---|---|---|
| United States (New York) | Bakkt Financial Solutions I, LLC | BitLicense (virtual currency business activity) #0000054 and money transmitter licence 105267; granted March 2021 per the NYDFS list. | [New York State Department of Financial Services](https://www.dfs.ny.gov/virtual_currency_businesses) |
| United States (New York) | Bakkt Financial Solutions I, LLC | Licence numbers as listed by Bakkt. | [New York State Department of Financial Services](https://bakkt.com/licenses/) |
| United States | Bakkt Financial Solutions I, LLC (formerly Bakkt Crypto Solutions, LLC) | State money transmitter licences, NMLS ID 1890144. | [State financial regulators (NMLS)](https://bakkt.com/licenses/) |

## Security and audits

- Bakkt says it holds SOC 1 Type 2 and SOC 2 Type 2 certifications and runs annual third-party penetration tests.
- Bakkt says customer assets are held 1:1, segregated, not lent, and covered by a digital asset insurance policy.
- Digital assets held with Bakkt are not insured by the FDIC or protected by SIPC.

## Security incidents

No security incident is recorded in the sources checked on 1 November 2026 (the company’s own channels and incident databases): [defillama.com/hacks](https://defillama.com/hacks), [hacked.slowmist.io](https://hacked.slowmist.io/), [rekt.news/leaderboard](https://rekt.news/leaderboard/), [investors.bakkt.com](https://investors.bakkt.com/), [dfs.ny.gov/virtual_currency_businesses](https://www.dfs.ny.gov/virtual_currency_businesses), [bakkt.com/risk-and-security](https://bakkt.com/risk-and-security/)

## Fees

| Parameter | Details |
|---|---|
| Trading | Not published; the fee schedule is shown on the partner platform after logging on. |

## Who can use it

- Verification: Accounts are opened through partner platforms and monitored under Bakkt's AML programme; Bakkt may ask for more personal information at any time.
- Not available to residents of US states where Bakkt is not licensed, or in US-embargoed jurisdictions. The state list is on bakkt.com/licenses.

## History

| Date | Event |
|---|---|
| 2018 | Bakkt is founded by Intercontinental Exchange (ICE). |
| March 2021 | NYDFS grants Bakkt Financial Solutions I, LLC virtual currency and money transmitter licences. |
| 10 April 2025 | NYDFS accepts the voluntary surrender of the former Apex Crypto BitLicense; Bakkt Marketplace is renamed Bakkt Crypto Solutions. |
| 1 October 2025 | The sale of Bakkt's Loyalty business closes, after a 2025 agreement to divest its Custody business to ICE. |
| 30 April 2026 | Bakkt completes the acquisition of Distributed Technologies Research (DTR), a developer of agentic payments and stablecoin infrastructure. |
| June 2026 | Transchem (India) allots 47.5 million warrants to Bakkt after Indian regulatory approval. |

## Risks and caveats

- Crypto held with Bakkt is not FDIC-insured or SIPC-protected, and Bakkt is not a registered broker-dealer.
- Crypto transactions are generally irreversible once confirmed on the blockchain; losses from fraud or errors may not be recoverable.
- Fees are set by Bakkt and shown only on the partner platform; they can change when posted.

## About the company

- **Legal entity**: Bakkt, Inc. (NYSE: BKKT); licensed operating subsidiary Bakkt Financial Solutions I, LLC.
- **Founded**: 2018, by Intercontinental Exchange.
- **Formerly**: The licensed entity was formerly named Bakkt Crypto Solutions, LLC.
- **Headquarters**: Atlanta, Georgia, USA (April 2026 release).
- **Parent company**: Listed on the New York Stock Exchange as BKKT.

## Official links

- Website: [bakkt.com](https://bakkt.com/)
- Licences: [bakkt.com/licenses](https://bakkt.com/licenses/)
- Security: [bakkt.com/risk-and-security](https://bakkt.com/risk-and-security/)
- Terms of use: [bakkt.com/user-agreement-bakkt-fiat-and-trade](https://bakkt.com/user-agreement-bakkt-fiat-and-trade/)
- Disclosures: [bakkt.com/disclosures](https://bakkt.com/disclosures/)
- Investors: [investors.bakkt.com](https://investors.bakkt.com/)

## Questions and answers

**Is Bakkt regulated?**

Yes. Bakkt Financial Solutions I, LLC holds a New York BitLicense and money transmitter licence (granted March 2021 per NYDFS) and state money transmitter licences under NMLS ID 1890144.

**Who owns Bakkt?**

Bakkt, Inc. is a public company listed on the NYSE as BKKT. It was founded in 2018 by Intercontinental Exchange.

**Can I buy crypto directly on Bakkt?**

Bakkt serves institutions and fintechs; individuals buy and sell supported crypto through a partner's app or website that uses Bakkt.

**Is crypto held with Bakkt insured?**

Not by the FDIC or SIPC. Bakkt says it holds customer assets 1:1, segregated, and has a digital asset insurance policy.

**What are Bakkt's fees?**

Bakkt does not publish them openly; its user agreement says the fee schedule is visible after logging on to the partner platform.

## Sources

- [Bakkt - home](https://bakkt.com/)
- [Bakkt - About](https://bakkt.com/about/)
- [Bakkt - Risk & Security](https://bakkt.com/risk-and-security/)
- [Bakkt - Licenses](https://bakkt.com/licenses/)
- [Bakkt - Disclosures](https://bakkt.com/disclosures/)
- [Bakkt - User Agreement (Bakkt Fiat and Trade)](https://bakkt.com/user-agreement-bakkt-fiat-and-trade/)
- [Bakkt Investor Relations](https://investors.bakkt.com/)
- [Bakkt - DTR acquisition completed (30 April 2026)](https://investors.bakkt.com/news-releases/news-release-details/bakkt-completes-acquisition-distributed-technologies-research)
- [Bakkt - Second Quarter 2026 results](https://investors.bakkt.com/news-releases/news-release-details/bakkt-reports-second-quarter-2026-results)
- [Bakkt - Full Year 2025 results and shareholder letter](https://investors.bakkt.com/news-releases/news-release-details/update-bakkt-releases-shareholder-letter-and-reports-full-year)
- [NYDFS - Virtual currency businesses](https://www.dfs.ny.gov/virtual_currency_businesses)
- [NYDFS - Notice of voluntary surrender and name change (Bakkt)](https://www.dfs.ny.gov/virtual_currency_businesses/notice-of-surrender-bakkt-crypto)

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Page updated: 2026-11-01

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Source: https://revain.org/exchanges/bakkt/