Wintermute Obtains Broker-Dealer License in the US

Wintermute has obtained broker-dealer registration in the US. This opens the door to NYSE and Nasdaq. For the crypto market, this is important, especially for traders who follow liquidity and ETF.

Wintermute’s US subsidiary can now apply for designated market maker status on the two main US exchanges. The company also comes under the supervision of the SEC and FINRA. This was reported by WSJ. According to CEO Yevgeny Gaevoy, Wintermute wants to work not only with crypto assets, but also with ETF, commodities, and tokenized stocks.

Why is this license important right now?

Broker-dealer status for a crypto company in the US is not just a new sign on the door. It is access to a regulated market where the rules are stricter and trust is higher. That is why Wintermute had been preparing for this step for more than one month.

According to additional sources, the company opened its headquarters in New York on May 15, 2025, and hired Ron Hammond to work on policy and advocacy in the US. And on May 6, 2025, it was already looking for a Chief Compliance Officer for broker-dealer. In other words, the move toward this license began at least 15 months before the final step. That is why the news does not look accidental.

What exactly will Wintermute be able to do?

There is an important detail here. According to the official release, Wintermute USA will operate only for its own account, not with client assets. This means prop trading, the role of Authorized Participant for ETP, and self-clearing for digital asset securities. Retail brokerage is not the main focus in this model.

The company is already talking about working with stocks, equity options, ETF on digital assets, and tokenized securities when a regulatory framework is in place for that. This is a logical step for a market maker that is already present on centralized and decentralized venues. For context: Wintermute previously reported 60+ trading venues, and in 2025 it cited trading volume of $3.5 trillion. It estimates average daily volume at about $10 billion.

This is no small matter. When a company with such volume enters a stricter control regime, the market gets another bridge between crypto and traditional finance. And that is where things get most interesting.

Market reaction

The market likes one simple thing: stable liquidity. And Wintermute is known for exactly that. Its move into the licensed US field means the crypto market maker wants to get closer to traditional finance, where the biggest money flows pass through.

"Broker-dealer status opens up new opportunities," said Yevgeny Gaevoy. He also said the company is already present on all centralized and decentralized exchanges.

There is also a competitive backdrop. Wintermute is openly saying it intends to compete with major players such as Jane Street, Citadel Securities, and Jump Trading over the next 3-5 years. That is ambitious. But not unrealistic, given the scale of its OTC operations and its work with ETF issuers.

• Wintermute has received broker-dealer registration in the US.

• The company can operate on NYSE and Nasdaq as a market maker.

• It is now under the supervision of the SEC and FINRA.

• Wintermute plans to expand into ETF, commodities, and tokenized stocks.

• In 2025, the company cited trading volume of $3.5 trillion.

• It estimates average daily volume at about $10 billion.

For the market, this is also a signal of the segment’s maturity. When a market maker of this scale enters the US officially, it raises the bar for other players. And then the question is no longer whether crypto will enter regulated finance, but how quickly it will happen.

What does this mean for investors?

For investors, this is a signal that crypto players no longer want to live only in a parallel world of exchanges and DeFi. They are entering the space where ETF, stocks, and other regulated instruments are traded. And this could strengthen liquidity around digital assets, especially if the US continues to open the door to tokenization.

Another point. Wintermute has previously repeatedly asked the SEC publicly for rules on tokenized securities. In September 2025, it asked to allow broker-dealers to trade tokenized securities for their own account. In November 2025, it asked not to apply standard client clearing requirements to on-chain settlement. In other words, the current license fits well into an already established strategy.

For Ukrainian traders, there is a practical takeaway here. If major market makers enter the regulated US market, this usually strengthens the bridge between crypto and traditional assets. That means news about ETF and tokenized stocks can have a stronger impact on liquidity than the next wave of hype on social media.

And one more thing: such steps are often more important than short-term price moves. They show where the market is heading over the medium term.

Frequently asked questions

What does Wintermute’s broker-dealer license in the US give it?

It gives the company the right to operate in regulated US markets and apply for market maker roles on NYSE and Nasdaq. The company also comes under the supervision of the SEC and FINRA. This opens the way to working with ETF, commodities, and tokenized assets.

Will Wintermute serve retail clients?

No, according to the official release, Wintermute USA will operate only for its own account. The company does not describe this model as retail brokerage. Instead, the focus is on proprietary trading, ETP, and digital asset securities.

Why is this important for the crypto market?

Because major market makers affect how quickly and cheaply trades are executed. If Wintermute strengthens its position in the US, this could support liquidity in the ETF and tokenized assets segment. For the market, this is not a flashy gesture, but a practical step.

Wintermute has taken another step toward traditional finance, and this no longer looks like a one-off attempt. For those following BTC and USDT moves, such news is often more important than short-term price spikes. If you need to quickly sell Bitcoin on Monobank, you can do it without unnecessary delays.

This material is not financial advice. Cryptocurrency trading involves significant risks. Part of this text was prepared with the help of artificial intelligence based on public sources and reviewed by our editorial team.