Market makers Jane Street and Jump Trading are retreating from crypto trading in the U.S. as a regulatory crackdown on the industry has intensified, Bloomberg reported, citing a person familiar with the decision.
Both firms are still making markets and not abandoning the crypto industry entirely, Bloomberg said citing the person. However, Jane Street is scaling back its global crypto expansion plans, while Jump Crypto - the digital assets trading unit of Jump Trading - is pulling back from U.S. markets, although it's still planning to expand internationally, the news outlet reported citing two people familiar with the matter.
U.S. policy makers and regulators have intensified regulatory pressure on the crypto industry after the spectacular collapse of centralized exchange FTX. The move has spooked industry veterans and investors alike. Some observers have even called it a "war on crypto." Industry giants like Coinbase have hit back at the SEC.
Market makers Jane Street and Jump Trading are retreating from crypto trading in the U.S. as a regulatory crackdown on the industry has intensified, Bloomberg reported, citing a person familiar with the decision.
Both firms are still making markets and not abandoning the crypto industry entirely, Bloomberg said citing the person. However, Jane Street is scaling back its global crypto expansion plans, while Jump Crypto - the digital assets trading unit of Jump Trading - is pulling back from U.S. markets, although it's still planning to expand internationally, the news outlet reported citing two people familiar with the matter.
U.S. policy makers and regulators have intensified regulatory pressure on the crypto industry after the spectacular collapse of centralized exchange FTX. The move has spooked industry veterans and investors alike. Some observers have even called it a "war on crypto." Industry giants like Coinbase have hit back at the SEC.
In March, the U.S. Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and founder Changpeng Zhao on allegations the company knowingly offered unregistered crypto derivatives products in the U.S. against federal law.
Disgraced, former FTX CEO Sam Bankman-Fried worked at Jane Street before entering the crypto industry and was known to hire former Jane Street employees as executives or employees, including former FTX US President Brett Harrison.
Spokespersons for both Jane Street and Jump Trading declined to comment on the story to Bloomberg.
Wormhole, once under Jump Crypto, the digital-asset unit of Jump Trading, has emerged as an autonomous entity amid its parent firm's downsizing in the unpredictable crypto landscape.
DavinThe vulnerability was discovered in Celer’s State Guardian Network, a Proof-of-Stake (PoS) blockchain it operates.
TheBlockCoinbase has explored the possibility of setting up a cryptocurrency trading platform outside of the US.
BitcoinistThe report claims that the tech giant could fire thousands of workers as soon as this week.
BeincryptoThe job cuts were spread across at least 12 companies over the course of the 28-day period, according to data compiled by Cointelegraph based on publicly reported layoffs.
BitcoinworldLayoffs continue en masse as the crypto market reels under immense bearish pressure.
cryptopotatoDespite the layoffs, Coinbase's Trust business is gaining momentum, onboarding its latest client Ondo Finance to custody USDC deposits.
BeincryptoThe move, granted by a British Virgin Islands court in November, allows officials to seek restructuring advice.
CoindeskBlockFi is the latest crypto firm to file for bankruptcy following the collapse of Sam Bankman-Fried's crypto empire.
According to reports, GameStop has hired 20 members for its new NFT department, and is about to reach cooperation with two encryption companies on NFT game development.
Cointelegraph