FTX Acquires Alberta-Based Crypto Platform Bitvo

FTX Trading Limited, a major cryptocurrency exchange, announced on Friday that it had entered into an agreement to acquire Bitvo, a Canadian crypto platform. According to the press release, the firm is registered as a restricted dealer under the securities laws of all provinces and territories in Canada.

Regulatory approval and customary closing conditions must be met before the acquisition can close in the third quarter of 2022. With its registration as a restricted dealer since April 2022, Bitvo has become the first crypto asset trading platform based in Alberta to offer its services across Canada’s provinces and territories.

In addition, Bitvo is registered with FINTRAC as a money services business in the virtual asset services category. FTX will integrate Bitvo into its global team, serving the Canadian market in a variety of capacities after the acquisition is complete.

“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,” Sam Bankman-Fried, the CEO of FTX, commented.

Pamela Draper, the CEO of Bitvo, added: “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 recently launched FTX Japan. FTX Japan is headquartered in Tokyo and a licensed crypto services provider and Type 1 Financial Instruments Business license holder approved by the Financial Services Agency (FSA) in Japan.

According to the details shared by the company, FTX Japan will offer customers a platform for trading spot and derivatives. Through its newly launched Japanese subsidiary, Bankman-Fried plans to 'revolutionize' the digital asset ecosystem in Japan.