Crypto Market Maker Wintermute Registers as Broker Dealer with SEC

The largest crypto liquidity provider, Wintermute, has secured SEC approval to trade stocks and register as a broker dealer. This move signals a significant shift in the infrastructure that supports crypto markets.

Wintermute USA LLC registered with FINRA on August 6, 2026, enabling the firm to operate as a regulated proprietary trading entity in U.S. markets. The registration allows Wintermute to trade equities, equity options, and exchange-traded products tied to digital assets, including acting as an authorized participant for crypto ETPs.

The firm's CEO, Evgeny Gaevoy, noted that 'digital assets and traditional finance will continue to develop in parallel, intersect in new ways, and ultimately integrate more deeply.' Wintermute's registration follows a pattern where crypto native firms are acquiring or building traditional market infrastructure rather than waiting for traditional firms to enter crypto.