Wintermute has announced that its U.S. subsidiary, Wintermute USA LLC, is now registered with the U.S. Securities and Exchange Commission (SEC) as a broker-dealer and has joined the Financial Industry Regulatory Authority (FINRA). The milestone grants one of the cryptocurrency industry's largest liquidity providers direct access to traditional financial infrastructure in the United States.

Good morning, USA 🇺🇸

Wintermute USA is now an SEC-registered broker-dealer and FINRA member ()

The registration marks Wintermute's entry into U.S. regulated markets and strengthens our coverage of institutional counterparties in the region pic.twitter.com/IBZBbAB7GP

— Wintermute (@wintermute_t) August 6, 2026

Regulated Proprietary Trading Capabilities

The registration designates Wintermute USA as a regulated proprietary trading firm authorized to provide liquidity on national securities exchanges and in over-the-counter (OTC) markets across the U.S. and other jurisdictions. The firm can now trade U.S. equities and equity options on its own behalf and serve as an Authorized Participant (AP) in securities transactions involving exchange-traded products, including crypto-trust and crypto-linked equity securities.

The AP role is particularly significant following the SEC's approval of spot Bitcoin exchange-traded funds in January 2024 and spot Ethereum ETFs later that year, products whose creation and redemption mechanics depend on APs to maintain share prices aligned with underlying assets. By qualifying as an AP, Wintermute positions itself within the operational pipeline of the fastest-growing segment of crypto-linked securities.

According to the company, the approval positions Wintermute to better serve institutional counterparties in the U.S. and supports its growth strategy aligned with the emerging wave of financial tokenization.

Bridging Digital Assets and Traditional Finance

Wintermute founder and CEO Evgeny Gaevoy stated that the company has consistently anticipated digital assets and traditional finance evolving together rather than competing. He noted that institutional adoption will continue to grow, and firms capable of bridging blockchain-based markets with traditional financial markets will be best positioned for success.

The move comes as a growing number of digital asset firms have pursued U.S. broker-dealer registrations, including Coinbase and Kraken, reflecting a broader industry effort to operate within the regulated perimeter amid heightened SEC enforcement activity targeting unregistered crypto trading venues.

The new regulatory status enables Wintermute to deepen its involvement in securities trading, particularly with crypto-linked exchange-traded products. It also lays the groundwork for expanded activity in tokenized securities, an area drawing increasing attention from regulators, asset managers, and exchanges.

Institutional Expansion and Market Access

Wintermute currently reports average daily trading volume exceeding $10 billion and provides liquidity across more than 60 centralized and decentralized exchanges globally. The U.S. broker-dealer business will be operated by a dedicated team based in New York, focused on building relationships with U.S. institutions and regulators.

The Wall Street Journal reported that the broker-dealer registration will grant Wintermute access to market-making functions on major U.S. exchanges, including the Nasdaq and the New York Stock Exchange, where market makers maintain liquidity in specific securities. The license equips Wintermute with the ability to compete with established electronic trading firms while bringing its liquidity provision expertise into the regulated financial sector.

Wintermute's official announcement is available on its website: Wintermute Launchs U.S. Broker-Dealer, Expanding Its Regulated Institutional Reach. The Wall Street Journal's coverage can be found here.