FTX, a Bahamas-based crypto exchange, has overcome another roadblock in its quest for global dominance. According to the press release, FTX is ready to enter the Canadian market by acquiring Bitvo, a Canadian crypto trading platform, on June 17. Under the securities laws of all Canadian provinces and territories, Bitvo is a restricted dealer. The newly acquired company will continue to serve the Canadian market as part of the FTX global team.
The acquisition is the latest step in FTX’s plan to provide its global clients with regulated access to its products and services. The transaction is still pending regulatory approval and customary closing conditions, but it is expected to close in Q3 2022.
Sam Bankman-Fried, CEO of FTX, commented on the news:
“We are delighted to enter the Canadian marketplace and continue to expand FTX’s global reach. Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe.”
Founded in 2018, Bitvo is a crypto asset trading platform that allows Canadians to purchase, sell, and exchange crypto assets in a safe and convenient manner. Bitvo is also a money services business registered with FINTRAC under the virtual asset service provider category.
Bitvo’s CEO, Pamela Draper, stated:
“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. We look forward to transforming Canadian’s access to the digital asset ecosystem as part of FTX.”
FTX is the world’s second-largest cryptocurrency exchange in terms of trading volume. Earlier this month, FTX announced that it had begun operations in Japan, with a focus on domestic crypto traders and investors and the capacity to make rapid deposits and withdrawals in Japanese Yen.
The FTX CEO is noted for his strong support of working closely with regulators to close regulatory loopholes, which he regards as important for the company’s international expansion.
Read more:
- Goldman Sachs discusses integration of derivative trading with crypto platform FTX
- FTX recruits additional people regardless of market circumstances: FTX CEO
