Cumberland (DRW)
Cumberland, a DRW Holdings entity, provides institutional crypto liquidity via OTC and derivatives.
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. · last re-checked 2026-09 · evidence score 81/100
Licence, read on the register
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| FCA (cryptoasset registration for UK agent DRW Global Markets Ltd) | 746273 | UK | tier-1 | open source ↗ |
| NYDFS (virtual currency business licence, Cumberland New York) | not verified | US | tier-1 | open source ↗ |
| BVI FSC (Securities and Investment Business Act licence, Cumberland International Trading Ltd) | not verified | British Virgin Islands | tier-2 | open source ↗ |
| CIMA (registration under Cayman Securities Investment Business Act, Cumberland Global Limited) | not verified | Cayman Islands | tier-2 | open 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. Rows without a tier are recorded without classification rather than guessed.
Where the published model fits
- OTC trading for banks
- Institutional crypto liquidity solutions
- Digital-asset derivatives market making
Watch for
- Self-measured liquidity claims
- Tier 2 license limitations
- Age of the firm
Cumberland operates as a crypto OTC institutional liquidity provider under multiple licenses across jurisdictions. It serves banks, brokers, and institutional clients, leveraging API connectivity and third-party integrations. The firm claims deep liquidity but lacks published audited figures and operates under tier 1 and tier 2 licenses.
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 that remain the venue's own measurement
- '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
