US pressure on the crypto industry has led to a change in the attitudes of companies. With the investigations into crypto, companies have turned to financial centers such as Dubai, Singapore and Hong Kong. Having trouble with the SEC, Coinbase took steps to improve its relations with the United Arab Emirates. Galaxy Digital has announced that it will move its operations overseas. Market makers Jane Street and Jump Trading are reportedly planning to withdraw from crypto trading.
Market makers Jane Street and Jump Trading are reportedly planning to withdraw from crypto trading in the US due to regulatory pressures. It is stated that his two companies are still making the market and have not left the crypto industry.
According to Bloomberg’s report, Jump Trading’s company Jump Crypto is leaving the US market, although it still plans to expand internationally. Regulatory uncertainties have made it difficult for Jane Street, which has shrunk its crypto targets globally, to enforce its internal standards.
Jane Street and Jump Trading were among the companies questioned by US prosecutors after the TerraUSD incident. Jump Crypto has been a key supporter of the TerraUSD project since 2019. As part of the investigations, no accusations were made against the employees of the company.
Jane Street was also part of the lawsuit filed against Binance by the Commodity Futures Trading Commission (CFTC). Jane Street was among the three trading companies involved in the lawsuit. The regulator did not accuse the trading companies of misconduct. The company has been trading crypto since 2017. FTX and Alameda executives Sam Bankman-Fried and Caroline Ellison also had a history with Jane Street.
This news is Chip Online and BTCHaber prepared in collaboration.