Citadel Dives into Crypto: Market Maker Eyes Binance, Coinbase

Citadel Securities, a prominent capital markets firm founded by billionaire Ken Griffin, is reportedly planning to expand its services into the cryptocurrency sector, according to sources familiar with the matter. The market maker aims to provide liquidity for crypto assets on major exchanges such as Binance, Coinbase, and Crypto.com, initially establishing international market-making teams.

Griffin, who serves as the chief executive of Citadel and non-executive chairman of Citadel Securities, has expressed confidence in the crypto sector, bolstered by President Donald Trump's vocal support. The firm has already made inroads into the crypto space by backing EDX Markets, a crypto exchange catering to institutional investors, and Hidden Road Partners, a startup prime brokerage focused on digital assets.

In a recent development, President Trump signed an executive order to evaluate the creation of a strategic national Bitcoin (BTC) and crypto stockpile. The order also encourages the development and growth of lawful and legitimate dollar-pegged stablecoins created in the private sector. Additionally, the administration's new leadership at the U.S. Securities and Exchange Commission (SEC) rescinded Staff Accounting Bulletin 121, a controversial rule that forced banks to identify crypto assets held on behalf of their customers as liabilities on their balance sheets.

As Citadel Securities prepares to launch its crypto services, the firm joins a growing list of financial institutions and market makers exploring the potential of the crypto sector. The move signals a shift in the market, as traditional financial players increasingly recognize the value and opportunities presented by cryptocurrencies and digital assets.