Wintermute, a leading market maker in digital assets, is looking to establish its U.S. foothold with a new office in New York City, the world’s global business hub
The firm has already opened offices in London and Singapore.
Speaking with Bloomberg on Feb. 19 at the Consensus 2025 event, CEO Evgeny Gaevoy said that anticipated favorable crypto regulations under the Trump administration are a key driver behind the planned move.
Changing The Game
The newly established administration could lead to the dismissal of numerous charges against crypto protocols, according to Gaevoy. He also anticipated that the U.S. could become a global leader in cryptocurrency regulation, influencing other jurisdictions’ policies.
Gaevoy said Wintermute’s U.S. expansion will initially concentrate on over-the-counter (OTC) offerings, including derivatives.
The company aims for an office setup in New York this year, with a team of five to ten, focused mainly on business development and operations. Gaevoy confirmed that Wintermute has no immediate plans for trading activities in the U.S.
“We are looking to expand in the US with our OTC offering, we are looking to expand in the US with derivatives as well on the OTC side,” he said.
The head of the market maker giant also discussed the meme coin phenomenon; he described it as a “big drag on crypto.” Gaevoy argued that meme tokens divert liquidity from established projects, citing the Trump meme coin as an example.
He explained that the launch of new tokens often leads to a “massive sell-off” of existing meme coins, challenging the cryptocurrency market as a whole. However, Gaevoy added that price declines in new tokens are a normal market cycle and not influenced by firms like Wintermute.
The firm recently came under scrutiny following a crypto market crash on Feb. 3 following Trump’s planned tariffs.
The downturn led to massive liquidations across cryptocurrencies, with estimates ranging from $2 billion to over $10 billion across exchanges. On that day, Bitcoin fell to around $91,300 and most altcoins posted double-digit losses.
Still A New Market
A number of crypto traders and investors blamed Wintermute, as well as others, for the crashes. Accusations arose that Wintermute, as a market maker, might have been involved in activities that exacerbated the market decline, potentially to profit from liquidations.
In response, Gaevoy stated that crypto market crashes were caused by events outside the crypto sector, such as US policy changes, rather than internal market manipulation. Gaevoy pointed fingers at TradFi events, which he believed had a direct impact on the crypto market.
Increasing regulatory pressures have prompted the company to shift its focus to Asian markets for a while now, Yoann Turpin, Wintermute’s co-founder, previously told Bloomberg. Countries like Hong Kong, Singapore, and Dubai have introduced pro-crypto legislation, creating a more welcoming environment for crypto businesses.
Now, with Trump’s return to power, the U.S. Congress has transitioned into one of the most pro-crypto Congresses in U.S. history. In light of this shift, Wintermute is keenly eyeing an expansion into the U.S. market.
Wintermute is not alone; several industry players are setting their sights on the powerhouse market.
Tether is Deep
Last month, Tether CEO Paolo Ardoino said that the company is eyeing an enhanced expansion in the U.S., but is taking a cautious approach due to the current uncertain regulatory environment.
Tether recently relocated its operations to El Salvador. Despite that, recent reports suggest the U.S. remains Tether’s target. Ardoino was reportedly in direct talks with members of Congress to influence the regulatory framework for stablecoins.
Another prominent name, TON Foundation, recently named Manuel Stotz as its new president in a strategic move to expand into the US market. The company also anticipates supportive crypto policies under Donald Trump’s potential presidency.
The foundation aims to leverage these policies, such as a proposed national Bitcoin stockpile, to position the US as a leader in digital assets.
