Phillip Gillespie, the group CEO of prominent crypto market maker B2C2, has left his role and has been replaced by Nicola White, who joined the firm from Citadel Securities in 2021.

Gillespie was key in SBI Financial Service's acquisition of B2C2 in 2020. He will now go back to SBI for a venture capital role, according to B2C2's announcement.

"The next 12 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," said Max Boonen, co-founder and director of B2C2.

The crypto market remains in the midst of a bear market that began at the tail end of last year, with bitcoin (BTC) having slumped from $69,000 to $17,000 over the past 12 months. Several crypto companies have fallen during the downturn, including most recently FTX – which continues to search for fresh capital after a liquidity crunch that has frozen out the majority of its customers.

"While we are experiencing volatile times in the crypto market, our firm has continued to provide critical, deep liquidity to our clients," Nicola White added.