Citadel Dives into Crypto: Market Maker to Provide Liquidity to Major Exchanges

Citadel Securities, a leading global market maker, is exploring a new role in the cryptocurrency market by providing liquidity to major exchanges. The company, which has historically been cautious about cryptocurrencies due to regulatory concerns, is now considering becoming a market maker for exchanges like Binance, Coinbase, and Crypto.com, according to reports.

Ken Griffin, the billionaire founder and CEO of Citadel LLC, shared these plans at the 2025 UBS Financial Services Conference in Key Biscayne, Florida. Griffin's move toward crypto represents a significant shift for the Wall Street giant, which had previously avoided direct involvement in retail crypto trading due to regulatory concerns.

The company plans to start its crypto market-making operations outside the United States, allowing it to gain experience in the crypto markets while waiting for clearer regulations at home. Market making involves buying and selling assets to keep markets liquid and stable, a service Citadel already provides for traditional financial markets.

Griffin, who once criticized cryptocurrencies, has changed his stance. At the conference, he admitted regretting not getting into crypto trading sooner, though he still questions its utility. "What I don’t care for about crypto is, what problem does it solve for our economy? What problem does it solve?" Griffin said in December.

The timing of Citadel’s interest seems linked to promises made by President Donald Trump to make the United States the “crypto capital” of the world. Griffin specifically mentioned that the Trump administration should push for clear regulatory guidelines to keep fraud at bay and enable banks and asset managers to enter the market.

Griffin criticized the previous Biden administration’s approach of “regulation by enforcement” in the crypto space, calling it “evil.” He expressed support for efforts like Elon Musk’s Department of Government Efficiency, which is considering using blockchain technology to improve government productivity.

The extent of Citadel’s involvement as a market maker will depend on how the regulatory environment develops in the coming months. According to sources close to the matter, Citadel Securities would be ready to provide liquidity and trade cryptocurrencies just as they do with other asset classes if regulatory clarity emerges.

This isn’t Citadel’s first connection to the crypto industry. In June 2023, the firm partnered with brokerage companies Charles Schwab and Fidelity Investments to launch EDX Markets, a cryptoc