B2C2: institutional crypto liquidity, funding and settlement

The group excludes retail investors and consumers. Institutional and professional relationships can encompass several product types, while instrument availability, credit and settlement conditions are agreed for the account.[5][2]

B2C2’s FAQ describes REST, WebSocket and FIX access, alongside a web interface and voice trading. These routes allow a brokerage to connect its own systems to institutional prices and execution. The account configuration still identifies authorised users, instruments, credit limits and settlement instructions.[1]

The electronic terms make the client responsible for its authorised users and credentials. Automated access is permitted through the API, and application development using the platform or API requires written consent under those published terms. Access rights are granted to the contracting client, rather than automatically to every subsidiary or holding company. The terms also reserve maintenance and suspension rights, making operational fallbacks part of the surrounding trading arrangement.[3]

B2C2 Europe’s August 2026 commercial policy describes one quoted exchange price incorporating a spread and associated costs. Spread inputs include volatility, transaction characteristics, liquidity, hedging, funding and settlement. The policy provides for an additional spread during greater volatility. This is a description of how the European exchange service prices a transaction, not a public rate card for every group product.[4]

The group FAQ describes overnight funding as variable, calculated using a 365-day convention and adjusted ahead of important holidays and quarter ends. It says a positive rate is paid by a long position and received by a short position. It also states that maximum trade size is negotiated individually. These published mechanics do not supply the actual rate, maximum exposure or financing terms of a particular account.[1]

PENNY is marketed as a zero-fee stablecoin swap service, using institutional conversion rates. A price comparison should retain both parts of that description: the separate fee proposition and the rate at which one asset is exchanged for another. The claim applies to PENNY’s specified conversion service, rather than establishing free execution, derivatives funding or borrowing across B2C2.[13]

B2C2 Europe’s published onboarding requirements include identity and business checks, source-of-funds information, trading competence, a signed Client Trading Master Agreement and secure access with two-factor authentication. Product-specific collateral assessments can also apply. Its commercial policy describes a transaction as binding when B2C2 accepts an order responding to a valid quotation; an API request alone is not that acceptance.[4]

These examples show why implementation is more than connecting a price feed. The operating record needs to identify who accepted the trade, where the resulting obligation sits, and which custody or settlement process completes it. A venue integration and a settlement-network connection solve different parts of that sequence.

PENNY lists USDT, USDC, USDG, RLUSD, PYUSD and AUSD across supported networks including Ethereum, Solana and Tron. Confirm the actual token/network pair in the quote. A stablecoin swap is a conversion between distinct liabilities; a token’s dollar reference does not establish a guaranteed one-for-one redemption or eliminate issuer and network risk.[13]

The Atlas announcement describes assets remaining in Anchorage Digital Bank’s custody with net settlement and collateral oversight. That arrangement should be documented separately from the dealer trade. Its custody structure cannot be applied to ordinary bilateral collateral simply because both services involve B2C2.[15]

The group policy targets acknowledgement ideally within three business days and resolution within 30 days after acknowledgement, or according to the relevant jurisdiction’s rules. B2C2 Europe publishes its own process with a different final-decision timetable. Keeping those clocks separate avoids applying a group summary to the wrong entity.[7][8]

Europe’s template is optional and filing a complaint is free. Its policy describes a CSSF escalation route subject to eligibility, prior complaint and time limits; a formal complaint channel is also separate from the account’s urgent trading or settlement contacts.[9][8]

The ESMA interim MiCA register entry identifies B2C2 Europe Sarl in Luxembourg, under the CSSF, with authorisation dated 13 May 2026. Its listed services are exchange of crypto-assets for funds, exchange of crypto-assets for other crypto-assets, and execution of crypto-asset orders on behalf of clients. The AMF’s France-passport entry confirms those three services and gives LEI 213800X7JYS5MCIR7Z97. The LEI record matches Luxembourg company number B265273; the French passport starts on 20 May 2026, a separate date from the home-state authorisation.[10][24][25]

B2C2’s own European services page gives licence N00000007 but labels 15 May 2026 as the authorisation date. Its announcement, published on 15 May, instead states approval on 13 May. The register date is used here. The authorisation concerns the named European entity and listed crypto-asset services; it does not establish permission for every derivative, financing product or other group company.[11][12][10]

The European commercial policy deals specifically with crypto-to-funds and crypto-to-crypto exchange on a principal basis, with B2C2 Europe taking the opposite side of each transaction. That policy’s two-service scope is narrower than the three activities listed in the register. A contracting document’s scope and the entity’s full permission inventory should therefore remain distinct.[4][10]

B2C2 Europe expressly disclaims custody and client-money safekeeping. Money, margin or collateral transferred to it passes in full ownership, is not segregated and may be used by the company. The client can therefore be a general creditor if the company defaults. This is materially different from leaving assets with an independently appointed custodian.[18]

ESMA’s current interim register lists B2C2 Europe under Luxembourg’s CSSF and Woorton under France’s AMF, each for exchange and execution services. These are separate authorised firms. The European service description covers crypto-to-funds exchange, crypto-to-crypto exchange and execution of client orders; it does not describe operating a multilateral trading platform or custody.[10][11]

B2C2 Ltd is the parent of a group whose services are supplied by different entities according to client jurisdiction and product. The company identifies majority ownership by Japan’s SBI and a London headquarters. The European operating details above concern B2C2 Europe Sarl and its documented services.[5][16]

B2C2 was founded in 2015 and became part of SBI in 2020 while retaining its own institutional business. It acquired Woorton in 2023 and launched PENNY in 2025. SBI VC Trade is a separate retail-facing business.[22]

The group’s conflicts policy describes measures including information barriers, communications monitoring and trade surveillance. Principal dealing can still place the firm on the other side of a client’s exposure. These controls explain how potential conflicts are managed; they do not make the dealer an independent adviser to every counterparty.[23]

Operator

B2C2 Ltd and the relevant B2C2 group contracting entity

Service scope

Institutional digital-asset spot liquidity, derivatives, funding and stablecoin conversion, with entity-specific client eligibility and settlement arrangements.

Customer types

Banks; Brokers; Crypto exchanges; Asset managers; Funds; Payment companies; Corporate treasuries

Delivery

API; Hosted

Pricing publication

Public and quoted pricing

Headquarters

London, United Kingdom

Platforms

B2C2 OTC Platform; PENNY

Integrations

REST API; WebSocket API; FIX API; Fusion Digital Assets liquidity connection; Atlas settlement network

Pricing scope

Negotiated institutional pricing and variable funding; PENNY separately advertises zero-fee stablecoin swaps at its quoted conversion rates.

Implementation

Electronic trading and authorised-user setup follow the client agreement. Europe publishes KYC/KYB, source-of-funds, secure-access and agreement requirements; venue and settlement-network connections have separate scopes.

Support

Business enquiry form; group formal complaints use [email protected], while B2C2 Europe uses [email protected] under its dedicated process.

Permissions and regulatory scope

ESMA’s register identifies B2C2 Europe Sarl under the CSSF, authorised 13 May 2026 for crypto-to-funds exchange, crypto-to-crypto exchange and order execution, with no end date shown. This confirmation is confined to that entity and those services. No full group permission inventory is asserted.

Provider metadata checked 21 Oct 2026Source 5Source 2Source 3Source 13Source 4Source 6Source 7Source 9Source 10Source 1Source 14Source 15Source 16

B2C2’s April 2026 Solana announcement describes using the network as a core route for institutional stablecoin settlement. It is an expansion of supported settlement infrastructure, while the PENNY page continues to describe several networks, including Ethereum, Tron and Solana. Asset support and transaction instructions determine which route is available for a particular movement.[16][13]

For an institutional operating model, the useful reconciliation is between the execution record, the counterparty obligation and the completed asset movement. A filled trade, a custodial balance and a settled transfer are related records with different meanings. The Atlas and Fusion arrangements illustrate why one group brand can participate at different points in that chain.[15][14]