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Tether-supported cryptocurrency exchange is removing the ‘retail’ designation to develop the underlying infrastructure for major banks in Europe.
Bit2Me has obtained an EU MiCA license and is venturing into new territories, starting with Portugal and Italy, with future intentions to expand into France and Germany.
(Bit2Me)
What to know:
- The trading volume of Spanish cryptocurrency exchange Bit2Me surged eight times from 2023 to 2025, reaching 5.3 billion euros.
- This growth occurred as the company shifted its focus from a consumer platform to offering backend solutions for banks and law enforcement agencies.
- Bit2Me has secured an EU MiCA license and is initially entering new markets including Portugal and Italy, with plans for further expansion into France and Germany.
As Spain’s leading cryptocurrency exchange, Bit2Me recorded a trading volume of 5.3 billion euros (approximately $6.24 billion) in 2025, marking an eightfold increase since 2023, as it transitioned from a consumer-oriented platform to providing backend infrastructure for financial institutions and law enforcement.
This trading volume coincided with an increase in business-to-business revenue, which rose from 18% of the total in 2023 to 27% in 2025. Crypto-backed loans, a relatively new service, experienced a remarkable 672% growth in just one year, with the company’s CFO, Pablo Casadio, indicating that he anticipates the cryptocurrency sector entering a stage of financial infrastructure that the company is well-positioned to capitalize on due to its support.
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The exchange, supported by various banks such as Bankinter, Unicaja, and Cecabank, along with telecom giant Telefónica and Tether, generated $25 million in revenue last year.
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Read more: Spanish bank Bankinter joins BBVA and Tether with stake in crypto exchange Bit2Me
A significant portion of this revenue was derived from a new API product that enables institutions to effectively delegate their cryptocurrency operations. Cecabank, a Spanish wholesale bank and stakeholder in the company, has integrated Bit2Me’s infrastructure to provide digital asset services to other regional banks, complementing a similar liquidity agreement with BBVA’s Turkish crypto subsidiary, Garanti BBVA Kripto.
Bit2Me became the first exchange in Spain to receive an EU Markets in Crypto Assets (MiCA) license, having dedicated 3,000 hours to regulatory compliance and invested 2.5 million euros ($2.9 million) to achieve this, according to Bit2Me executives during a briefing with reporters.
This endeavor temporarily affected its EBITDA negatively but opened up opportunities that few cryptocurrency firms can access, enabling it to commence its expansion. Recently, the company began its entry into the Portuguese market, with plans to also target Italy, France, and Germany shortly.
Bit2Me has also revealed that it is considering the U.S. and Middle East markets, which are notably more competitive. “If we pursue any initiatives, they must be executed in the same manner as we did in Spain, fully compliant with regulations,” stated Andrei Manuel, the platform’s COO and co-founder, during the briefing attended by CoinDesk.
Converting seized crypto to fiat
Additionally, Bit2Me has been serving as a “crypto liquidator” for the Spanish government. The company has established a system to convert confiscated digital assets into euros, collaborating directly with Interpol, Europol, and national law enforcement agencies, according to its executives.
This system utilizes blockchain analytics firm Chainalysis to ensure traceability. In 2025, Bit2Me processed 1.5 million euros ($1.76 million) in seized cryptocurrency for agencies including Interpol, Europol, and Spanish law enforcement. These funds are then converted into fiat currency for state use.
While other governments typically auction off cryptocurrency through third parties, Spain’s direct liquidation model is similar to the U.S. Marshals Service’s partnership with Coinbase.
