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News - Crypto market makers Jane Street and Jump Crypto turn their backs on U.S. market
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12-05-20232 min read
Crypto market makers Jane Street and Jump Crypto turn their backs on U.S. market
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Once again, crypto companies are leaving America. Two market makers (crypto securities traders) are pulling out of the United States. They cite the harsh attitude of regulators as the reason.
At issue are Wall Street firm Jane Street and Jump Crypto (the crypto arm of trading firm Jump Trading), Bloomberg reported. US laws and regulations are said to have caused the two firms to reduce their trading activities. However, both firms are not completely abandoning their ambitions in the crypto industry, according to Bloomberg.
However, Jane Street is scaling back its global crypto expansion plans, while Jump Crypto is distancing itself from U.S. markets. The action by the U.S. Securities and Exchange Commission (SEC) is increasingly creating uncertainty among U.S. crypto companies. Some companies are already looking for other business locations.
Jump and Jane Street are thinking about an exit from Crypto
— Unlocks Calendar (@UnlocksCalendar) May 9, 2023
Guess this means... selling their current positions?
Here their wallets and portfolios to keep track of their movements:
🧵👇 pic.twitter.com/QafIQmxm8M
Market leader Binance is particularly affected by this development. Both market makers provided liquidity on the world's largest crypto exchange. Jane Street alone used to provide about 11 percent of the entire trading volume on Binance.US and its international variant. What the withdrawal means for Binance remains to be seen.
