Crypto market maker Wintermute has secured broker-dealer status in the U.S., giving the firm a regulated route into Wall Street as crypto trading and traditional securities markets draw closer together.
New York-based Wintermute USA LLC registered with the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The unit will operate as a proprietary trading firm rather than a retail broker.
The registration lets Wintermute trade stocks and equity options, provide liquidity to exchanges and over-the-counter counterparties, and act as an authorized participant for exchange-traded funds (ETFs), including crypto-linked funds.
Authorized participants create and redeem large blocks of ETF shares, a process that helps keep an ETF’s market price close to the value of its holdings.
Wintermute described the unit as proprietary-only and did not announce retail brokerage services.
Authorized participants…
