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FollowingCryptocurrency market maker Wintermute has launched a broker-dealer business in the United States, marking its official entry into the regulated U.S. market structure and further deepening its deployment to local institutional customers.
According to the company's press release issued on August 6, 2026, the move is aimed at expanding its service coverage to U.S. institutional customers under a regulated framework. Wintermute is one of the largest liquidity providers in the digital asset space, offering quotes for a variety of tokens and ready to buy and sell transactions at any time.
A broker-dealer is an entity registered to trade securities, either on its own behalf or on behalf of its clients. According to Wintermute's statement, operating under this structure in the United States means doing business within an established regulatory framework, rather than outside regulation.
Importance of the U.S. Market to Wintermute
Access to the U.S. market through registered broker-dealers allows Wintermute to meet the regulated access paths typically required by institutional counterparties in the United States. The company clearly positions this business expansion to expand the coverage of its regulated institutions.
This move is in line with Wintermute's consistent attitude of actively participating in U.S. rule-making rather than evading it. The company has previously submitted feedback to the U.S. Securities and Exchange Commission calling for clearer U.S. tokenization rules, demonstrating its intention to operate within the U.S. compliance framework.
What this move may mean for the structure of the crypto market
A major market maker has chosen to conduct business through the U.S. broker-dealer path, indicating that regulatory compliance is becoming a competitive theme in the field of digital asset trading. For counterparties, this means that liquidity can be obtained through entities recognized by U.S. regulators.
Wintermute has also been active in market behavior, and its leadership has publicly condemned insider trading in the cryptocurrency market. The launch of the broker-dealer business is at the intersection of liquidity provision, trading infrastructure and compliance-as regulated platforms such as CME continue to expand the crypto business landscape, this area is attracting more and more institutional attention.
In addition to the above announcement, the specific business scope, customer groups and product coverage details of the broker-dealer have not been disclosed.
