Citadel Securities Expands Crypto Trading Plans

Ken Griffin's Citadel Securities is pivoting towards becoming a significant player in the cryptocurrency market, planning to provide liquidity on major exchanges such as Coinbase, Binance, and Crypto.com. This marks a shift from Griffin's previous skepticism towards cryptocurrencies, sometimes referring to them as a 'jihadist call' against the US dollar. The move aligns with President Donald Trump's pro-crypto stance and recent regulatory efforts, including the appointment of Hester Peirce to lead a crypto task force. Citadel's expansion into the crypto space is contingent on regulatory clarity and will initially focus on non-US markets, mirroring the approach of competitors like Jane Street and Jump Trading. Citadel previously collaborated with Charles Schwab and Fidelity to launch EDX Markets, a crypto exchange, and its deeper involvement could signal growing institutional confidence in the maturing crypto markets. However, Citadel's involvement is also scrutinized due to past controversies, such as alleged manipulations in the TerraClassicUSD stablecoin market.