The U.S. Securities Exchange Commission has pursued a spate of lawsuits against prominent crypto exchanges and blockchain technology companies such as Kraken, Binance, and Ripple Labs in recent years. 

But, the agency’s latest target, Cumberland, isn’t exactly a household name. 

The Chicago-based market maker—charged on Thursday with acting as an unregistered dealer of securities among other securities-laws violations—is a major player on the crypto scene, and the case against it could have ripple effects for a wide range of crypto firms and traders. The company has denied any wrongdoing.

Here’s what you should know about Cumberland DRW.

What is Cumberland DRW? 

Cumberland DRW is one of the digital asset industry’s largest market makers and liquidity providers. It’s a subsidiary of DRW Trading Group, a well-known Chicago-based firm founded in 1992 that’s also a market maker in traditional finance while specializing in the trading of various financial instruments.

Cumberland is the firm’s crypto-focused entity, founded in 2014. As one of the larger market makers and liquidity providers, it Go to Source to See Full Article
Author: Liz Napolitano