Wintermute USA registered as a broker-dealer with the SEC and FINRA, letting the London-based market maker trade stocks and options and serve as an ETF Authorized Participant.
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Wintermute, one of the largest players in crypto liquidity, registered its New York subsidiary as a broker-dealer with the SEC and FINRA. The approval lets the London-based firm trade stocks and options from its own account and provide liquidity to US securities exchanges and over-the-counter counterparties.
Wintermute disclosed the registration on X Monday, calling it a first direct entry into traditional financial market infrastructure. Broker-dealer status subjects the firm to compliance, reporting, and supervisory requirements that match those of conventional securities firms.
The registration could let Wintermute serve as an Authorized Participant for ETFs, a role that involves creating and redeeming shares. The company did not announce any specific ETF agreements.
Wintermute said the approval strengthens its coverage of institutional counterparties in the US and positions it for developments in tokenized securities markets. The firm handles more than $10 billion in average daily trading volume across over 60 centralized and decentralized exchanges, according to Wintermute.
Wintermute has been expanding into areas where digital assets intersect with traditional markets. The firm has moved into tokenized gold market-making and two-sided liquidity for prediction markets. The broker-dealer registration places Wintermute within the same regulatory environment used by traditional securities firms while it continues as a major crypto market maker.
If Wintermute ultimately participates as an AP, the firm could become part of the infrastructure supporting ETF liquidity. The impact on spreads and pricing would depend on trading activity and competition among market makers.
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