Market Analysis Report (10 May 2023)

Two of the world’s top market-making firms, Jane Street Group and Jump Crypto, have chosen to scale down their cryptocurrency trading operations in the United States as regulators crack down on the industry.

Jane Street, a titan in the marketplace for exchange-traded funds and corporate bonds, has been more drastic in its approach, dialing back its cryptocurrency operations on a global scale. The firm has been involved in the crypto market since 2017.

Meanwhile, Jump Crypto, the digital currency arm of Jump Trading, is reducing its US presence while simultaneously expanding its operations outside of the United States. Despite the adjustments, both firms continue to operate in the market-making space on a smaller scale, and haven’t entirely halted their crypto involvement.

Both Jane Street and Jump Crypto have been questioned by US prosecutors as part of the investigation into the collapsed Terra project, with Jump Crypto, in particular, having been a supporter of the project since 2019. No charges have been made and the inquiries do not necessarily imply any illicit conduct.

Jane Street was also one of three US quantitative trading firms anonymously referenced by the Commodity Futures Trading Commission in its lawsuit against Binance, as it was used as an example of a US client that could still access the exchange after Binance had to exclude clients from the country.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/may/10/