London-based crypto market maker Wintermute plans to expand its presence in the United States, including setting up an office in New York and introducing new products for the American market. The move comes amid renewed optimism regarding U.S. crypto regulations, with Binance CEO Richard Teng, acknowledging improvements in the regulatory environment.
Wintermute Plans to Enter U.S. Market
Notably, Wintermute, one of the largest liquidity providers in the crypto market, currently operates out of London and Singapore. CEO Evgeny Gaevoy confirmed the firm’s expansion plans in an interview during the Consensus crypto conference in Hong Kong, where he highlighted a “new added focus on the U.S.”
As part of its strategy, Wintermute claims it intends to offer over-the-counter (OTC) products to American clients and slightly increase its workforce, adding five to ten employees to its current 130-person team. The expansion plan could indicate growing confidence among crypto firms in re-entering or scaling operations in the American market.
Wintermute’s latest funding round reportedly included backing from Chinese tech giant Tencent Holdings, reflecting ongoing institutional interest in the crypto industry. The firm had previously raised $20 million in a Series B round led by Lightspeed Ventures in 2021, with participation from notable crypto investors such as Pantera Capital and Hack VC.
Binance CEO Sights U.S. Regulatory Progress
The Wintermute expansion plans align with what many in the crypto industry see as a more favorable shift in U.S. regulations. Richard Teng noted that the U.S. is moving away from the “oppressive” regulatory environment seen under the previous administration.
He described the current state as a “fresh reset and a restart,” signaling the potential easing of strict enforcement actions that previously targeted giant firms like Binance, Coinbase, and Ripple. However, Binance remains cautious, as Teng stated the exchange still awaits greater clarity before making major moves in the U.S.
Meanwhile, Wintermute has encountered various legal challenges. In 2023, the company faced allegations of market manipulation involving Yearn Finance. Additionally, in 2024, the firm was involved in a legal dispute with Terraform Labs. Last month, Binance transferred approximately $20 million in crypto to Wintermute, leading to accusations of unfair trading practices.
