FTX to acquire Canada-regulated crypto asset trading platform, Bitvo
“Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe.”
FTX Trading Limited has agreed to acquire Canadian crypto asset trading platform Bitvo, Inc., marking the latest licence acquisition in FTX’s mission to provide compliant services within the digital asset space.
Based in Calgary, Alberta, Bitvo is registered as a restricted dealer under the securities laws of all provinces and territories in Canada. The deal is expected to close in the third quarter of 2022.
The plan is to integrate Bitvo into the FTX global team serving the Canadian market in a variety of capacities. Bitvo offers proprietary features such as the Bitvo Same Day Guarantee, the Bitvo Cash Card and technical trading analysis tools.
Bitvo is registered with FINTRAC as a money services business in the virtual asset service provider category and was the first Alberta-based crypto asset trading platform to register as a restricted dealer.
Sam Bankman-Fried, Chief Executive Officer of FTX, stated: “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.”
Pamela Draper, Chief Executive Officer 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 has launched a licensed Japanese crypto-asset exchange services provider and Type 1 Financial Instruments Business license holder in a move that signals the brand’s expansion across the globe.
FTX Japan K.K., formerly known as Quoine Corporation, was renamed following the acquisition of its parent company, Liquid Group Inc., by FTX earlier this year.
FTX has thus officially entered the Japanese market and will be serving its local crypto community with spot trading and perpetuals for a wide range of digital assets such as BTC, ETH, SOL, FTT. The exchange, which will offer Japanese customers a platform for spot and derivatives trading, supports fast deposits and withdrawals of Japanese Yen for local customers.
FTX has also recently launched FTX Stocks to provide transparent trade execution and fair pricing on stock trading, initially routing all orders through Nasdaq.
The service is not based on the payment for order flow model and will include fractional share trading in select securities. The exchange plans to add features such as live prices, company data, and portfolio performance tracking.
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