Chicago-Based Radix Trading Is One of Three Quant Firms in Binance Suit: WSJ

The CFTC's lawsuit against Binance and CEO Changpeng Zhao noted at least three U.S.-based quantitative firms that were active on the exchange.

AccessTimeIconMar 28, 2023 at 7:44 p.m. UTC
Updated Mar 28, 2023 at 8:03 p.m. UTC

Chicago-based Radix Trading told the Wall Street Journal that it's the unidentified "Trading Firm A" mentioned in the U.S. Commodity Futures Trading Commission's (CFTC) complaint Monday against crypto exchange Binance and its CEO, Changpeng Zhao.

In the lawsuit, the CFTC talked about at least three U.S.-based quantitative trading firms that were active on Binance even though American customers were supposed to be banned from trading there.

Radix co-founder Benjamin Blander told the Journal his company traded on Binance for several years via offshore affiliates and a prime brokerage. "We got legal vetting on anything we did in terms of crypto connectivity," he said.

Blander told the newspaper his firm was cooperating with the CFTC prior to the lawsuit and he does not believe Radix is the target of any investigation.

Radix's role in crypto is not well-known in the Chicago trading community or crypto industry. One of its founders, Michael Rauchman, previously had a senior role at Getco, a now-defunct firm that was a pioneer in high-frequency trading.

Radix did not respond to a request for comment sent before the Journal story came out.

Edited by Nick Baker.


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