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FTX plans to acquire crypto exchange Bitvo as part of move into Canadian market

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Cryptocurrency derivatives exchange FTX has entered into an agreement to purchase Canada-based crypto platform Bitvo.In a Friday announcement, FTX Trading Limited said it planned to acquire Bitvo as part of the crypto exchange’s effort to offer its products and services to Canada-based users.

The company added that the deal was “subject to regulatory approval and customary closing conditions,” but expected to close in the third quarter of 2022."We are delighted to enter the Canadian marketplace and continue to expand FTX's global reach,” said FTX CEO Sam Bankman-Fried, or SBF. “Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe." of the acquisition came as the prices of major cryptocurrencies fell significantly in June, with Bitcoin (BTC) testing the $20,000 level.

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