By
Tolu Ajiboye
April 23rd, 2024
B2C2 said in the press release that the registration will pave the way for the company to engage in collaborations with local VASPs, traditional financial institutions, and other stakeholders in the Luxembourg market.
Cryptocurrency liquidity provider B2C2 has obtained authorization from financial authorities in Luxembourg to legally operate in the country as a virtual asset service provider (VASP).
In an official press release on February 7, the company, owned by Japan’s SBI Holdings, announced that the VASP license was granted by the country’s Commission de Surveillance du Secteur Financier (CSSF).
B2C2 to Offer OTC Services in Luxembourg
B2C2 has now become the 12th crypto company to receive VASP authorization in Luxembourg, positioning itself strategically to explore the European market ahead of the upcoming Market in Crypto (MiCA) regulation.
As a leading crypto market maker serving institutional clients exclusively, the company said that its registration with CSSF permits it to offer certain products and services to customers in the region. Under the license, B2C2 is authorized to offer over-the-counter (OTC) spot-related crypto services to institutional clients.
The latest development follows the company’s prior authorization from the French Autorité des Marchés Financiers (AMF) to operate legally in France. The blockchain market maker obtained the approval through the acquisition of Woorton, a registered crypto market maker specializing in OTC transactions, in August of last year.
B2C2 emphasized that the acquisition enables it to operate in the EU region and has further solidified its presence in the European market by expanding to Luxembourg before the implementation of the MiCA regulation. The MiCA regulation is designed to provide a clear regulatory framework for the usage, sell, and issuance of cryptocurrencies in Europe.
“As B2C2 prepares for MiCA regulation to come into force, obtaining VASP registration in Luxembourg is a significant milestone for us, as Luxembourg is home to a rapidly expanding virtual asset community,” stated Thomas Restout, the newly appointed CEO of B2C2.
He took over as the chief executive officer of the firm in January, succeeding Nicola White, who quietly departed the company in December 2023 without disclosing any reason. Previously, Restout, who joined B2C2 in September 2022, served as the head of EMA before assuming his new position.
B2C2 Taps Denzel Walters to Head Luxembourg Team
B2C2 said in the press release that the registration will pave the way for the company to engage in collaborations with local VASPs, traditional financial institutions, and other stakeholders in the Luxembourg market.
The company disclosed that Denzel Walters, a former supervisor at the Bank of England (BoE), will lead the team in Luxembourg.
“I am excited to lead B2C2’s Luxembourg operations and look forward to collaborating with and contributing to the local digital asset ecosystem. In line with our operations in the UK, US, and Asia-Pacific, our office in Luxembourg will remain committed to providing unparalleled liquidity and exceptional service to our clients,” commented Walters.
Founded in 2015, B2C2’s offerings extend beyond liquidity provision. The company is recognized for democratizing institutional access to crypto and offering reliable liquidity across market conditions. The firm attributed its success to relentless product innovation, and crypto-native technology used to scale its business offerings.