.FTX_Official has agreed to acquire Alberta-based trading platform BitvoCrypto as it moves to expand into Canada. By oknightcrypto
Bitvo, founded in 2018, is registered as a restricted dealer under the securities laws of all provinces and territories in Canada. It is also registered with FINTRAC, Canada's financial intelligence agency, as a money services business in the virtual asset service provider category.
“We are delighted to enter the Canadian marketplace and continue to expand FTX’s global reach," said FTX CEO Sam Bankman-Fried in a statement."Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe.” The Bitvo team is expected to be integrated with FTX's global workforce following the acquisition, with responsibilities across the Canadian market.
Bitvo CEO Pamela Draper added that"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."after several trading platforms failed to comply with the province's crypto regulations.It currently has $1 billion in assets under management.