DRW’s Wilson Slams Exchanges Over Practices During Crypto Crash

Donald R. Wilson, founder of Chicago-based proprietary trading powerhouse DRW Holdings LLC, criticized the practices of digital asset exchanges during last week’s crypto market meltdown, where cascading liquidations led to record losses.

“If crypto markets aspire to institutional credibility, then exchanges need to be just that: neutral venues for trading,” the Chicago-based Wilson said in a commentary Friday. DRW’s Cumberland unit is one of the largest trading and market-making firms in crypto.