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2026 Annual Reviewv2026.2

2026 · Evidence audit

Cumberland (DRW) — institutional liquidity provider

Cumberland is licensed in the US and UK for virtual currency activities. It holds tier 1 and tier 2 licenses across various jurisdictions. Self-measured claims regarding liquidity and business longevity are unverified by independent audits.

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 verified · last re-checked 2026-09 · evidence score 81/100

01

Licence, read on the register

RegulatorLicence numberJurisdictionTierSource
FCA (cryptoasset registration for UK agent DRW Global Markets Ltd)746273UKtier-1open source ↗
NYDFS (virtual currency business licence, Cumberland New York)not verifiedUStier-1open source ↗
BVI FSC (Securities and Investment Business Act licence, Cumberland International Trading Ltd)not verifiedBritish Virgin Islandstier-2open source ↗
CIMA (registration under Cayman Securities Investment Business Act, Cumberland Global Limited)not verifiedCayman Islandstier-2open source ↗

Tier classification follows the same scale as the retail register: tier-1 = FCA/ASIC/CFTC-class supervision, tier-2 = CySEC/FSC-Mauritius/MFSA-class, tier-3 = offshore registration. A tier-2 licence is genuine supervision without an investor compensation scheme — never misread it as tier-1 protection.

02

What the firm commits to

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

A

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
B

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
03

Perimeter and coverage

Asset classesVenuesConnectivityClients acceptedExplicitly refused
Crypto OTC spot, Digital-asset derivatives market making, Institutional crypto liquidity via integrations (GCEX XplorSpot, Wyden network)API (OTC), Third-party distribution integrations (GCEX, Wyden)Banks, Brokers, Institutional crypto clients (per partnership releases)

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 a disclosure, not a defect.