Wintermute’s US division has registered as a broker dealer, allowing the crypto market maker to expand into regulated securities markets and pursue market making roles on major US exchanges.

The registration makes Wintermute USA eligible to become a designated market maker on exchanges including the New York Stock Exchange and Nasdaq, according to a Wall Street Journal report published Thursday. 

It also places the business under the supervision of the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

Market makers continuously provide prices at which they are willing to buy and sell securities, giving investors access to liquidity without requiring a matching order from another trader.

Wintermute CEO Evgeny Gaevoy said the London based company initially plans to trade in markets adjacent to digital assets, including commodities and crypto exchange traded funds.

The company may later expand into tokenized stocks if US regulators approve the products. Wintermute previously urged the SEC to clarify how broker dealer rules should apply to the proprietary trading, settlement, and custody of tokenized securities.

Gaevoy said the registration creates opportunities beyond the centralized and decentralized crypto exchanges where Wintermute already operates.

The company has lined up ETF issuers as clients for its US business and aims to compete with major market makers including Jane Street, Jump Trading, and Citadel Securities within three to five years.

Wintermute processed approximately $3.5 trillion in trading volume last year and currently handles an average of about $10 billion per day. Its operations span more than 60 trading venues, ranging from the Chicago Mercantile Exchange to decentralized exchange Uniswap.

The company was founded in 2017 by Gaevoy, a former trader at high frequency trading firm Optiver. Wintermute has since become one of the largest liquidity providers in the digital asset market, offering algorithmic trading, over the counter execution, and liquidity services across centralized and decentralized platforms.

Wintermute began building its US operation before receiving the registration. FINRA records show that the company hired Matthew Pizzo as senior counsel and chief compliance officer for Wintermute USA in July 2025.

The expansion comes as several crypto companies move into regulated financial services through broker dealer registrations and acquisitions.

Ripple acquired prime brokerage firm Hidden Road for $1.25 billion, while crypto market maker GSR obtained a US presence by purchasing Equilibrium Capital Services. Crypto.com previously acquired SEC registered broker dealer Watchdog Capital.