FTX – the second-largest crypto exchange by trading volume – announced its expansion into America’s up-north neighbor by acquiring the Canadian trading platform Bitvo. The newly acquired company will continue serving the Canadian market as it is integrated into the FTX global team.
- According to the official release, the acquisition will be expectedly completed in Q3 2022, as it is currently subject to regulatory approval and customary closing conditions.
- Bitvo, founded in 2018, is registered as a restricted dealer under the securities laws of all provinces and territories in Canada. Additionally, it is a registered crypto exchange with the Canadian watchdog – the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Thus the company is eligible to offer crypto trading services across the country.
- Bitvo’s workforce will be integrated into FTX’s global team after the acquisition.
- SBF – CEO of FTX – commented that the new acquisition is a continued journey of global expansion and proactively working with regulators.
- The crypto giant has quickly expanded its services beyond its primary markets lately. Earlier this month, FTX launched a Japan-based exchange targeting its domestic crypto traders and investors and supporting fast deposits and withdrawals of the Japanese Yen.
- At that time, SBF also emphasized the importance of working in compliance with local regulators. The FTX boss is known for his keen support of working closely with watchdogs to address regulatory gaps as he sees it as necessary for internationally expanding the company.
- FTX US – the US arm of the exchange – previously revealed that when it comes to acquisitions, the company prioritized firms that could bring in a new user base and obtain regulatory licenses.