B2C2

B2C2 has its headquarters in London and offices in Luxembourg, Paris, Tokyo and Singapore, plus a technology hub in Zielona Góra in Poland. In 2023 the group bought the Paris market maker Woorton, which held a registration with the French regulator AMF, to build up its business in the European Union.

B2C2 started operations in Luxembourg in 2024 and registered there as a virtual asset service provider in the same year. Thomas Restout leads the group as chief executive, and Denzel Walters heads the Luxembourg company.

The Commission de Surveillance du Secteur Financier, the financial regulator of Luxembourg, authorized B2C2 Europe Sàrl on 13 May 2026 as a crypto-asset service provider under Article 63 of MiCA. The authorization covers exchange of crypto assets for funds, exchange of crypto assets for other crypto assets and execution of orders for clients, and B2C2 calls itself the first global OTC liquidity provider with such a license.

The ESMA interim MiCA register lists passport notifications for 29 further countries of the EU and the EEA. With a CASP license from Luxembourg, B2C2 can serve institutional clients in Germany, France or Italy without a separate national license.

A bank or broker that offers crypto trading to its customers can route the orders to B2C2 and receive a firm price for each trade. B2C2 prices electronically, settles near-instantly on every day of the year and offers stablecoin swaps, which suits treasuries and payment firms that move money between bank accounts and blockchains.

For a counterparty of this kind, the due diligence covers the legal entity, the settlement process and the collateral terms. Under MiCA an EU institution can check the authorization of B2C2 Europe Sàrl in the public register before it signs.

B2C2 is a crypto liquidity provider and OTC trading firm that trades with institutional clients as principal, around the clock on every day of the year. B2C2 has served exchanges, brokers and funds since 2015 and belongs for the most part to the Japanese SBI group.

OTC trading with B2C2 runs on electronic prices that the client can accept at once, for amounts far above the depth of most order books. Large trades do not appear in a public order book, which keeps the market impact low, and the trading firm takes the price risk until it closes its own position.

Besides crypto trading, B2C2 offers stablecoin swaps for companies that need to convert larger amounts between digital dollars, euros and other assets. Near-instant settlement means that a payment firm or exchange does not have to wait for bank transfers before it can trade again.

The group works through several companies, among them B2C2 Ltd, B2C2 Overseas Ltd, B2C2 USA Inc and B2C2 Europe Sàrl in Luxembourg. The MiCA authorization belongs to B2C2 Europe Sàrl, so EU clients who want a counterparty under MiCA sign with that company.

The Japanese financial group SBI holds the majority of B2C2 and is its largest shareholder. Thomas Restout is group chief executive, and in Luxembourg Denzel Walters leads the company that holds the MiCA license.