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 new company will continue to service the Canadian market and is now integrated into the FTX international team.
According to the official release the acquisition should be completed in Q3 2022. It is currently subjected to regulatory approval and customary closure conditions.
Bitvo was founded in 2018. It is now a registered restricted dealer in all provinces and territories of Canada. Additionally, it is a registered crypto exchange with the Canadian watchdog – the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The company can offer crypto trading services throughout 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 services of the crypto giant have expanded rapidly beyond their primary markets. Earlier this month, FTX opened a Japan-based cryptocurrency exchange to serve its crypto traders and investors. The exchange supports quick deposits and withdrawals using the Japanese Yen.
SBF stressed the importance of ensuring compliance with local regulators at that time. The FTX boss is well-known for his support for working closely with watchdogs in order to close regulatory gaps. He sees this as essential for international expansion.
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.