Two more firms, Jump Crypto and Jane Street, have reportedly decided to limit their presence in the crypto market. The two firms cited regulatory crackdowns as their reason for moving away from the crypto space.
, alongside another crypto firm – Genesis. These firms were pulled up for the services provided on their platform, with the SEC labeling some as securities.
Jane Street first hit the crypto spotlights in 2018 with the firm confirming that it was already trading. The firm, at the time, also expressed its interest in getting involved in the market after the emergence of more products. However, it is currently looking to reduce some of its crypto plans on a global level, Bloomberg reported.
Meanwhile, Jump Crypto is also set to follow in the footsteps of Jane Street. But, the company is minimizing its crypto activity only in the United States. What’s more important is that the report stated that these trading platforms will continue making a market for cryptocurrencies and are not closing shop entirely.
The platform was officially launched back in 2021, with Kanav Kariya leading the firm as President. Notably, Jump Crypto had a significant presence in the market before the formal launch.that federal prosecutors were investigating the chats of employees of both firms. The prosecutors were allegedly looking for information about whether or not market manipulation with regard to the collapse of UST.
Regulators were also seeking information pertaining to a potential bailout of the now-dead algo-stablecoin. However, no allegation has been made against the above-mentioned firms or their employees.
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