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341 firms on file · 202 identified entity records 73 carry a published regulator notice

COUNTERPARTY FILE · last re-checked 2026-09

Cumberland (DRW) — institutional liquidity provider

Cumberland operates with certain undisclosed licensing and historical details, necessitating cautious engagement.

Cumberland crypto business of DRW Holdings, LLC (ultimate parent per own policy page). Entities named on own page: Cumberland New York, DRW Global Markets Ltd (UK agent), Cumberland International Trading Ltd (BVI), Cumberland Global Limited (Cayman), Cumberland SG Pte. Ltd. · not examined

evidence score
81/100

Licence, read literally

RegulatorLicence numberJurisdictionTierSource
FCA (cryptoasset registration for UK agent DRW Global Markets Ltd)746273UKT1open source
NYDFS (virtual currency business licence, Cumberland New York)not verifiedUST1open source
BVI FSC (Securities and Investment Business Act licence, Cumberland International Trading Ltd)not verifiedBritish Virgin IslandsT2open source
CIMA (registration under Cayman Securities Investment Business Act, Cumberland Global Limited)not verifiedCayman IslandsT2open source
Tier classification follows the same scale as the retail register: tier-2 means real supervision and client-money segregation, without an investor compensation scheme — never misread it as tier-1 protection.

Residuals a counterparty carries

2

  1. R01

    Unpublished licensing details

    Cumberland's licensing numbers and status dates are not published on their own pages.

    Source: firm disclosures page

  2. R02

    Lack of firm founding year

    Cumberland's founding year is not stated on their own pages, creating uncertainty about their history.

    Source: firm disclosures page

The claims ledger

Claims specific enough to be falsified — and the ones that remain the venue's own measurement.

Testable claims

  • Own policy page states: 'Cumberland New York is licensed to engage in virtual currency business activity by the New York State Department of Financial Services'; 'Cumberland's agent in the UK, DRW Global Markets Ltd, is registered as a cryptoasset firm with, and authorized by, the Financial Conduct Authority'; 'Cumberland International Trading Ltd. is licensed by the British Virgin Islands (BVI) Financial Services Commission under the BVI Securities and Investment Business Act'; 'Cumberland Global Limited is registered with the Cayman Islands Monetary Authority under the Cayman Islands Securities Investment Business Act'; member of ISDA; and 'DRW Holdings, LLC is the ultimate parent company for the entities in the Cumberland Group' (cumberland.io/policy, checked 10 Sept 2026)
  • FCA register bulk-extract lists DRW GLOBAL MARKETS LTD, FRN 746273, Authorised (LEI 549300JVXT0U42UPXE36) — the UK agent named on Cumberland's own policy page

Claims we cannot verify from outside

  • 'Deep, reliable liquidity' and 'one of the longest-standing crypto liquidity businesses' characterisations come from partner releases (Wyden, GCEX), not audited figures
  • DRW Holdings, LLC 'LT Rated by Moody's and S&P' appears on the own policy page without the ratings themselves being published

Perimeter and coverage

Asset classes
Crypto OTC spot, Digital-asset derivatives market making, Institutional crypto liquidity via integrations (GCEX XplorSpot, Wyden network)
Venues
Connectivity
API (OTC), Third-party distribution integrations (GCEX, Wyden)
Clients accepted
Banks, Brokers, Institutional crypto clients (per partnership releases)
Explicitly refused
A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to diligence than one that doesn't. The refusal list is treated here as disclosure, not as a defect.