FTX Acquires Compliant Encryption Trading Platform Bitvo, Enters Canadian Market

Original source: FTX

Although the encryption market has entered a cold winter, FTX has not stopped expanding, and today announced the acquisition of Canadian compliance The trading platform Bitvo has expanded its business to Canada, which also means that FTX has taken another step forward in its global expansion.

On June 17, FTX announced that it has signed an agreement to acquire Bitvo (Bitvo, Inc.), a Canadian crypto asset trading platform. Over the past period of time, FTX has actively expanded in a "regulated manner" to provide encrypted products and services to users around the world. The acquisition also symbolizes FTX's further expansion on the global map.

FTX Founder and CEO Sam Bankman-Fried said:

“We are delighted to be able to Enter the Canadian market and continue to expand FTX's global influence. FTX is actively communicating with global regulators, and this expansion represents another big step forward for us."

Bitvo is a Canadian compliant trading platform. In April 2022, Bitvo became the first encrypted trading platform registered in Alberta, Canada, and is regulated by Canada's Securities and Exchange Act. This allows Bitvo to provide users in the region with a safe and simple way to trade and buy crypto assets. In addition, Bitvo is also registered as a currency provider with Canada's financial intelligence agency FINTRA.

According to the FTX press release, the Bitvo acquisition will be completed in Q3 this year, subject to Canadian regulatory approval. After the acquisition, Bitvo may be integrated into the FTX global team and serve users in the Canadian market.

Bitvo CEO Pamela Draper said Canadians are showing increasing interest in digital assets. In the future, when the acquisition is completed, Bitvo will be integrated into FTX, and it is also expected to change the encryption trading ecology in Canada.

Pamela Draper concludes:

“Interest in digital assets in Canada is increasing. FTX is The world's premier regulated crypto trading platform, we are excited to help the Canadian crypto community gain access to  FTX through this acquisition.

When the acquisition is completed in the future, Bitvo will be integrated into FTX, and we look forward to changing the cryptocurrency trading ecosystem in Canada.”

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