Wintermute has enormous heft in crypto markets, with a total trading volume of $1.72 trillion since January 2020. It provides almost 5,000 trading pairs. The application, which covers the firm’s over-the-counter (OTC) spot business, was approved after more than a year and a half tussle with the FCA.
Wintermute has always held itself to the highest compliance standards and has created stringent KYC-AML systems as stated by Marina Gurevich, the company’s chief operating officer. The approval comes at a time when many companies’ UK operations are under jeopardy. Earlier in February, 96 businesses awaited word on whether they would be allowed to get registered before the March 31 deadline. The FCA’s present workload consists of processing approvals and rejections.
Wintermute’s OTC spot business has expanded significantly in recent years, now offering prices for over 250 tokens. The platform collaborates with retail platforms, brokers, institutional investors, blockchain initiatives, treasuries, and high net worth people that are “qualified investors.” Its OTC derivatives business is handled out of the company’s Asian centre in Singapore.