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FTX Agrees to Acquire Canadian Trading Platform Bitvo as It Eyes Regional Expansion
FTX's decision to acquire Bitvo comes after rival exchange Binance pulled out of Ontario amid regulatory pressure last year.
Updated May 11, 2023, 5:44 p.m. Published Jun 17, 2022, 1:09 p.m.
Cryptocurrency exchange FTX has entered an agreement to acquire Alberta-based trading platform Bitvo, in a deal that will be completed in the third quarter of 2022 subject to regulatory approval, according to a press release issued on Friday.
- Bitvo, founded in 2018, is registered as a restricted dealer under the securities laws of all provinces and territories in Canada. It is also registered with FINTRAC, Canada's financial intelligence agency, as a money services business in the virtual asset service provider category.
- “We are delighted to enter the Canadian marketplace and continue to expand FTX’s global reach," said FTX CEO Sam Bankman-Fried in a statement. "Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe.”
- The Bitvo team is expected to be integrated with FTX's global workforce following the acquisition, with responsibilities across the Canadian market.
- Bitvo CEO Pamela Draper added that "Canada has shown a growing interest in digital asset trading, and we’re thrilled to help provide entry into one of the leading regulated crypto asset trading platforms in the world to the Canadian cryptocurrency community."
- Last June, rival exchange Binance pulled out of Ontario after several trading platforms failed to comply with the province's crypto regulations.
- In October, Canada listed the Purpose Bitcoin ETF, which is billed as the world's first spot bitcoin exchange-traded fund. It currently has $1 billion in assets under management.
Read more: FTX’s Bankman-Fried Pitches CFTC on Directly Clearing Customers’ Crypto Swaps
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