B2C2 Focuses on the Americas: Onboards New US CEO

B2C2, the SBI-owned cryptocurrency market maker, has strengthened its executive team by appointing Cactus Raazi as the Chief Executive Officer of its US unit. He is based in the company’s New Jersey office and will report directly to the Group CEO, Thomas Restout.

Implementing Strategies and Building Relationships

The announcement today (Tuesday) has detailed that Raazi will lead the offering under B2C2 US. Furthermore, he will develop and implement business strategies and build relationships across the US and broader Americas with clients and other stakeholders, including regulators.

“Cactus has an exceptional track record in finance and technology, and he is therefore perfectly placed to develop the US offering to the next stage of our growth,” said Restout, who took over the apex role at B2C2 last January.

Finance Magnates sat down with Restout earlier, discussing a range of topics, including regulations and the company’s geographical and product expansion plans.

An Institutional Crypto Insider

Raazi joined B2C2 from Enhanced Digital Group, an institutional-only firm focused on derivatives and structured products, where he was the Head of US Strategy. Before that, he was the Chief Revenue Officer at Kraus Motor Company for two years. He also led the digital asset trading platform Amber Group as the US CEO and Co-Head of Americas and was a Partner at Exos, an automated OTC trading platform.

He entered the financial services industry in mid-1998 with his role at Goldman Sachs, where he spent 13 years and served as the Managing Director. He also had stints at the London offices of Nomura and the New York offices of Tradeweb as the Managing Director.

“As the digital asset sector continues to mature, we see the convergence of the crypto-native and trad-fi worlds, and Cactus’ established commercial and regulatory relationships across both will deliver tremendous benefits to our clients and our firm,” Restout added.

Apart from the US, B2C2 also has a strong presence in Asia-Pacific due to its operations in Japan. It also opened a Singapore office to strengthen its presence in Southeast Asia.

The London-headquartered firm entered the European Union last year by acquiring the French market-making firm Woorton. This allowed B2C2 to operate in the 27-country bloc with Woorton’s PSAN license issued by the AMF. To expand its continental European presence, it obtained a virtual asset service provider registration in Luxembourg.

In the fiscal year that ended in March 2024, B2C2 generated revenue of JPY 57.14 billion, an 88.5 percent yearly jump. It also became profitable, with a pre-tax profit of JPY 8.4 billion. In its annual financial report, SBI Holdings highlighted that the growth of B2C2 was due to the successful implementation of its customer base expansion strategy.