Wintermute obtains U.S. license, and the world's top cryptocurrency liquidity provider embarks on W

The top liquidity provider in the crypto field officially enters the U.S. securities market

On August 6, 2024, Wintermute announced that its New York-based subsidiary Wintermute USA LLC has been registered as a broker dealer with the U.S. Securities and Exchange Commission (SEC) and has become a member of the U.S. Financial Industry Regulatory Authority (FINRA). The company said the authorization marked its "entry into the U.S. regulated market" and improved its ability to "serve institutional counterparties in the region." This is an important milestone for a market maker with an average daily trading volume of more than US$10 billion and covering more than 60 centralized and decentralized platforms.

Wintermute will no longer be limited to operations in crypto-native markets, but will be able to enter regulated markets widely used by Wall Street institutions.

Scope of business brought by registration license

This license is limited to proprietary trading only. Wintermute USA will be able to provide liquidity as a principal in over-the-counter transactions involving U.S. stocks, options and other securities-based transactions, and to trade on its own accounts. In addition, it can also use digital assets present in its portfolio to conduct self-clearing transactions involving securities.

The significance of this approval is also reflected in the fact that Wintermute is now an authorized participant (AP) in exchange-traded products, including digital asset ETFs. AP is responsible for the creation and redemption of ETF shares to ensure that the ETF price is consistent with the value of the underlying asset. As a result, this role of Wintermute brings it closer to the market infrastructure involved in crypto ETF development.

The U.K. -based company said the licenses it obtained were the result of years of cooperation with U.S. regulators.

How a single regulated entity changes the market landscape

Obtaining a broker-dealer license goes far beyond obtaining new regulatory approvals. Because crypto and traditional securities businesses belong to the same company, transaction execution, settlement processing, and risk management have become simpler. This also helps institutional investors access both markets simultaneously through a unified platform.

In addition, this has led to increased competition among market makers. Companies like Jane Street and Citadel Securities dominate liquidity in the stock and ETF markets, while Wintermute is known for its strength in the cryptocurrency space. As tokenized securities and digital asset ETFs become increasingly popular, companies that can provide liquidity in both traditional and blockchain markets will have a competitive advantage over companies that focus on only a single market. This integration could change the way institutional capital flows between the two markets.

In addition to Wintermute itself, this registration also shows that the cryptocurrency market is being further institutionalized. As more licensed digital asset products enter the market, market makers who understand both traditional finance and cryptocurrencies may become important players. Their participation may improve market liquidity, reduce spreads and enhance the price discovery process, creating favorable conditions for institutional investors to invest in cryptocurrencies.

Founder and CEO Evgeny Gaevoy said: "Our long-standing belief has been that the digital asset market will move in multiple directions. Digital assets and traditional finance will continue to develop in parallel, intersect each other in new ways, and ultimately achieve deeper integration."

Wave of tokenization supported by licenses

Wintermute's move comes at a time when tokenization is accelerating in financial markets. It is estimated that the current tokenized assets are approximately US$17 billion, and the market size is expected to reach US$5.5 trillion under the basic scenario by 2030. At the same time, excluding stablecoins, the value of tokenized real-world assets has exceeded $34 billion.

Industry dynamics are now evident. Regulators are beginning to view blockchain-based financial systems as part of the capital market ecosystem rather than a replacement system. Wintermute said that by obtaining broker-dealer registration, it "strategically positions Wintermute USA in the emerging space of tokenized securities." This registration is also in line with Wintermute's broader goal of expanding tokenized real-world assets.

Just a few months ago, the company launched over-the-counter trading services for tokenized gold products such as PAXG and XAUT, citing the growing demand for round-the-clock blockchain payment settlement and more efficient collateral transfers. According to reports, the trend of tokenized gold is expected to develop significantly, with a minimum market value of US$15 billion by 2026.

Regulators have begun to clean up the legal environment. In January 2026, three divisions of the SEC stated that securities will not be exempt from legal liability simply because they rely on blockchain. Wintermute's actions suggest the company intends to get into regulated markets first before tokenized securities become mainstream.

If other major players in the international crypto space follow suit, the line between Wall Street firms and crypto-centric liquidity providers could continue to blur, promoting the integration of traditional finance and digital asset markets.