B2C2 named Nicola White Group CEO effective November 4, 20221. The institutional digital asset market maker said so in a press release dated November 11, 2022. CoinDesk reported on November 11 that White replaced Phillip Gillespie2. Gillespie had led the SBI-owned firm's 2020 acquisition and was returning to SBI for a venture capital role, CoinDesk wrote. B2C2 called the change "a planned transition" that had run for the prior three months.
Four leadership moves at B2C2 on the record since 2022
Every move CryptoLately has verified there, by the day it became public
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Date | Event |
|---|---|
| Nov. 11, 2022 | White became Group CEO. Nicola White was named Group CEO of B2C2 |
| Nov. 11, 2022 | Gillespie left as Group CEO. Phillip Gillespie left as Group CEO of B2C2 |
| Jan. 8, 2024 | Restout became Group CEO. Thomas Restout was named Group CEO of B2C2 |
| Jan. 8, 2024 | White left as Group CEO. Nicola White left as Group CEO of B2C2 |
18 CEO appointments on the record in 2022
CEO appointments CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2022: 18
- 2019, 2020, 2021, 2023, 2024, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 8 |
| 2020 | 7 |
| 2021 | 6 |
| 2022 | 18 |
| 2023 | 17 |
| 2024 | 26 |
| 2025 | 35 |
| 2026 | 18 |
The move
White moved up from inside the firm. Her prior title was CEO, USA for B2C2, the company's release said1. In that post she led the expansion of B2C2's electronic trading in spot and derivatives and grew the US business's share of institutional clients. She joined B2C2 in 2021 from Citadel Securities, where she was global chief operating officer of fixed income, after an earlier run as global head of electronic markets within fixed income at Morgan Stanley.
Her own statement spoke to the timing of the appointment, which landed during a market downturn. “I am honored and excited to be appointed to the role of Group CEO at this time of significant growth for the firm,” she said in B2C2's release. “While we are experiencing volatile times in the crypto market, our firm has continued to provide critical, deep liquidity to our clients”1. Max Boonen, B2C2's co-founder and director, framed the same stretch in blunter terms. “The next twelve months in the crypto market will not be for the faint of heart and I am glad to have Nicola with us as we embark on an aggressive effort of market share expansion,” Boonen said. Bitcoin had slumped from $69,000 to $17,000 over the prior 12 months, a decline that had already pushed FTX into a liquidity crunch by the time of White's appointment, CoinDesk reported2.
B2C2 before and after
Gillespie had led B2C2 through its acquisition by the Japanese financial conglomerate SBI in 2020, the company's release said1. B2C2 also announced alongside White's promotion that Thomas Restout had become EMEA CEO. Restout joined from Morgan Stanley, where he had most recently served as global head of macro electronic trading. White's own promotion left B2C2 with a leadership team split between the US and EMEA, reporting to her as Group CEO.
What came next
White ran B2C2 for 14 months. B2C2 announced on January 8, 2024, that Thomas Restout had succeeded her as Group CEO3. Restout had by then been promoted from EMEA CEO, and White had left the company, B2C2 said. Ledger Insights reported on January 8, 2024, that White had held the Group CEO role "since November 2022" before Restout's appointment4. Restout said in B2C2's own announcement that "B2C2's business is stronger than ever," pointing to the company's "position as one of the leading liquidity providers in crypto markets" as the strategy he intended to keep building.
Sources
- B2C2, "B2C2 Appoints Nicola White as Group CEO," November 11, 2022, https://www.b2c2.com/newspost/b2c2-appoints-nicola-white-as-group-ceo
- Oliver Knight, "Crypto Market Maker B2C2's CEO Phillip Gillespie Departs," CoinDesk, November 11, 2022, https://www.coindesk.com/business/2022/11/11/crypto-market-maker-b2c2s-ceo-phillip-gillespie-departs
- B2C2, "B2C2 Appoints Thomas Restout as Group CEO," January 8, 2024, https://www.b2c2.com/newspost/b2c2-appoints-thomas-restout-as-group-ceo
- Ledger Insights, "Institutional crypto liquidity provider B2C2 replaces CEO," January 8, 2024, https://www.ledgerinsights.com/b2c2-ceo-cryptocurrency-liquidity-replaces/