Citadel Securities

Wintermute is preparing a major expansion into traditional markets as crypto trading activity cools. The firm aims for noncrypto markets to generate more than half of revenue by the end of 2027, compared with 10% now.

Coinbase Chief Legal Officer Paul Grewal is departing the exchange after steering its legal team through a major fight with U.S. regulators. He will remain an adviser as Molly Abraham becomes general counsel and Ryan Van Grack moves into a vice chairman role.

Citadel has withdrawn its U.S. trade secrets lawsuit against crypto market maker Portofino Technologies after concluding that another judgment may be difficult to collect. The firm is now pursuing a bankruptcy order in England against Portofino co-founder Leonard Lancia over an unpaid London arbitration award.