FTX grows Canadian presence with Bitvo acquisition

Leading global crypto exchange FTX Trading Limited (FTT/USD) is acquiring Bitvo, Inc., a Canadian crypto trading operator registered under Canadian securities laws as a restricted dealer, Invezz learned from a press release.

The deal is another accomplished milestone in FTX’s quest to provide regulated industry-leading products and services to clients all over the world.

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Subject to customary closing terms and regulatory approval, the acquisition is expected to go through in the third quarter of this year.

Bitvo offers a secure way to sell, buy, and trade crypto

Bitvo offers Canadians an easy and safe way to sell, buy, and trade crypto. It became the first crypto trading platform based in Alberta to register as a restricted dealer in April 2022. This enabled it to offer crypto trading nationwide.

Bitvo is also registered as a virtual asset service provider with FINTRAC in the money services business category.

FTX CEO Sam Bankman-Fried said:

We are overjoyed to expand FTX’s global reach by entering the Canadian marketplace. Our Canadian expansion is another stage in proactively working with cryptocurrency regulators in different geographies across the globe.

Bitvo will become part of FTX’s global team providing various services on the Canadian market after the acquisition is completed.

Bitvo CEO Pamela Draper added:

Canadians have demonstrated an increasing interest in digital asset trading. We are delighted to help provide access to the Canadian cryptocurrency community to one of the leading regulated crypto asset trading platforms in the world. We look forward to transforming Canadians’ access to the digital asset ecosystem as part of FTX.