Cryptocurrency exchange FTX acquires a Canadian exchange and expands further into North America
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Answer Cryptocurrency exchange FTX acquires a Canadian exchange and expands further into North America
Cryptocurrency exchange FTX, the second largest cryptocurrency exchange by trading volume, has announced its expansion into the North American continent.
Where I moved to the neighbor of the United States of America (Canada) through the acquisition of the Canadian trading platform “Bitvo”.
The newly acquired company will continue to serve the Canadian market and will be merged with the global FTX team.
According to show According to the announcement, the acquisition is expected to be completed in the third quarter of 2022, as the acquisition procedures are currently subject to regulatory approval and the usual legal conditions.
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Bitvo was registered in 2018, as a Restricted Dealer under the securities laws of all provinces and territories in Canada.
In addition, it is a trading platform registered with the Canadian regulator (FINTRAC).
Thus, the company is qualified to provide cryptocurrency trading services across the country.
FTX CEO Sam Bankman Fred, aka SBF, commented:
The new acquisition is an ongoing journey of global expansion and proactive work with regulators.
The crypto giant has rapidly expanded its services beyond its core markets recently.
Earlier this month, FTX launched a Japan-based trading platform targeting local cryptocurrency traders and investors and supporting fast Japanese Yen deposits and withdrawals.
At the time, SBF also stressed the importance of working in accordance with local regulatory bodies.
The Chairman of FTX is known for his strong support for working closely with regulators to address regulatory gaps as he sees them as necessary to expand the company internationally.
FTX US – the US subsidiary of FTX – previously revealed that when it comes to acquisitions, the company prioritizes companies that can bring in a new user base and obtain regulatory licenses.
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