The problem is that when the B2 tries to format, first it removes all existing partitions, then tries to create ONE partition that consumes the entire drive. It wants to format that partition as FAT32.
THAT WILL FAIL because a FAT32 partition is limited to 2TB.
You will have to partition and format a 2TB FAT32 partition using a computer, and do NOT attempt to reformat using the B2. There are third-party programs that will do this on MS-Windows, and I believe that Disk Utility can do it on a Mac. The partition table must be of MS-DOS type; don't use GPT.