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Crypto Firm B2C2 Makes Ex-Prosecutor, FBI Agent Legal Chief (1)

Dec. 9, 2021, 6:55 PMUpdated: Dec. 9, 2021, 9:58 PM

Cryptocurrency trading company B2C2 has appointed former FBI agent and federal prosecutor Dean Sovolos as its first general counsel and head of regulatory affairs.

Sovolos was most recently a prosecutor for the U.S. Attorney’s Office in New York and New Jersey. He worked for the FBI as associate counsel in its New York field office, as well as a special agent and overseas legal attaché, according to a company statement.

“At the outset of a job search, I never imagined I’d have such an exciting opportunity,” Sovolos said in an interview of his new job.

B2C2, which was founded in 2015, is based in the U.K. with offices in the U.S. and Japan. The company in December 2020 was acquired by Japanese finance company SBI Financial Services, a subsidiary of SBI Holdings Inc.

Cryptocurrencies and blockchain technology have faced increasing scrutiny and regulation from agencies like the DOJ and the Securities and Exchange Commission.

SEC Chair Gary Gensler has been vocal about his desire for more crypto trading platform oversight and for digital asset exchanges to register with the SEC. That could mean subjecting crypto to securities regulations, which crypto advocates say could slow innovation.

“There are different regulatory regimes, but I think that transparency, efficiency, and best practices in the market are three goals that are going to drive how B2C2 moves forward,” Sovolos said.

In July, B2C2 also hired Nicola White as president of B2C2 USA from Citadel Securities.

“We’re thrilled to have Dean join B2C2,” company co-CEO Rob Catalanello said in the statement. “His distinguished career at the Department of Justice working in parallel with U.S. and foreign partners and regulators will reinforce our ability to raise industry standards as we prepare for regulatory changes ahead.”

(Updates with Sovolos comment starting in third paragraph.)

To contact the reporter on this story: Ruiqi Chen in Washington, D.C. at rchen@bloombergindustry.com

To contact the editor responsible for this story: Chris Opfer at copfer@bloomberglaw.com

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