B2C2 is an institutional digital asset liquidity provider. It runs an over the counter dealing desk that streams two way prices in spot cryptocurrency, options and other derivatives, and secured funding products directly to clients via API, a single dealer platform, and aggregators, offering execution and settlement around the clock rather than through a public order book. The firm states it serves only institutions, listing asset managers, funds, banks, brokers, exchanges, digital asset treasury companies, fintechs and crypto projects as clients, and explicitly does not deal with retail investors or consumers. Within the crowded field of crypto market makers, B2C2's positioning rests on being a principal counterparty with an early and unusually deep regulatory footprint rather than a purely exchange based liquidity provider. It says it was the first EU cryptocurrency firm to receive a regulatory license permitting it to trade crypto derivatives as principal, in 2019, later added a Luxembourg Virtual Asset Service Provider registration in 2024, and became a member of ISDA and FIA in 2022. In May 2026 its Luxembourg entity, B2C2 Europe S.a r.l., received Crypto-Asset Service Provider authorisation under the EU's MiCA regime from the CSSF, which the firm and multiple trade outlets (Markets Media, Finextra, The TRADE, Luxembourg for Finance) described as the first such MiCA licence held by a global OTC liquidity provider, allowing it to passport regulated OTC spot crypto services across EU and EEA states. The firm also states it obtained a SOC 2 Type 2 attestation in 2026. B2C2 was founded in London in 2015 by Maxime "Max" Boonen, a former Goldman Sachs fixed income trader, together with Flavio Molendini. SBI Holdings, the Japanese financial conglomerate, took a minority stake in July 2020 and then acquired majority ownership in December 2020 in a deal SBI described as making it the first traditional financial conglomerate to operate its own cryptocurrency dealing desk; B2C2 has continued to operate as a standalone subsidiary since. The company lists a London headquarters plus offices in New Jersey, Tokyo, Luxembourg, Singapore, Paris and a technology hub in Poland, and cites early product firsts including a single dealer trading platform (2016), an OTC streaming price feed (2018), and a bitcoin/gold cross derivative (2020). Group leadership as of this research pass is Thomas Restout as Group CEO, with Max Boonen remaining involved as co-founder. In 2026 B2C2 has been extending its role inside the SBI group and into stablecoin infrastructure: it was named primary liquidity provider for SBI Securities' first crypto product launch (CFDs on bitcoin, ethereum and other cryptocurrencies for Japan's largest online brokerage), and it designated Solana as its primary network for routing and settling large institutional stablecoin transactions in early 2026.
