Wintermute Wins U.S. Broker License, Eyes Citadel in ETF Market Making

• Wintermute’s U.S. broker license opens the door to stock and ETF market making.
• The crypto market maker plans to challenge major Wall Street trading firms.
• Institutional demand is fueling Wintermute’s push beyond digital assets.

Wintermute has secured a U.S. broker-dealer license, allowing the crypto market maker to expand beyond digital assets into traditional financial markets. The approval allows Wintermute USA to pursue market-making roles for U.S. stocks and exchange-traded funds, although the company must obtain additional regulatory approvals before entering those markets.

The Wall Street Journal reported that Wintermute has already signed exchange-traded fund issuers as clients, giving the firm an early foothold as it expands its U.S. business. Chief Executive Evgeny Gaevoy said the company aims to compete with firms such as Citadel Securities, Jane Street …

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