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FTX acquires Bitvo exchange, expanding its reach to the Canadian market

FTX has decided to acquire Bitvo, showing that Canada will be the next market that the world’s second-largest exchange giant sets foot in.

In an announcement Friday, FTX Trading Limited said it planned to acquire Bitvo as part of the crypto exchange’s efforts to offer its products and services to users in Canada. . The company added that the deal is “subject to regulatory approval and customary closing conditions,” but is expected to close in the third quarter of 2022.

We are excited to enter the Canadian market and continue to expand FTX’s global reach,” said FTX CEO Sam Bankman-Fried, or SBF.

Bitvo is a cryptocurrency exchange and became a limited dealer under Canadian securities laws in April 2022. This means that Bitvo is available in all Canadian provinces and territories.

Currently, neither FTX nor Bitvo have disclosed the valuation of the deal. This process is expected to be completed in the third quarter of this year and is awaiting regulatory approval.

In June of last year, FTX rival Binance announced its withdrawal from Ontario, Canada’s most populous province, after the Ontario Securities Commission (OSC) took action against other cryptocurrency exchanges for alleged non-compliance. regulations.

The act of acquiring Bitvo once again reinforces the promise of CEO Sam Bankman-Fried, as he announced his willingness to spend billions of dollars on many future acquisitions.

In just the past half year, FTX has continuously expanded its presence on many fronts from the traditional financial markets to the exclusive crypto pie, from “huge” acquisitions to newly established branches around the world.