FTX Exchange plans launch in Canada through Bitvo acquisition

Bitvo became the first Alberta-based crypto asset trading platform to register as a restricted dealer in April 2022

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Cryptocurrency giant FTX Exchange will be making its Canadian market debut after announcing it is acquiring Calgary-based Bitvo Inc.

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In a statement, Bahamas-based FTX said the move is part of a global push in which it is targeting regulated companies in various jurisdictions. Bitvo became the first Alberta-based crypto asset trading platform to register as a restricted dealer in April 2022 and is also registered with the Financial Transactions and Reports Analysis Centre of Canada as a money services business.

“We are delighted to enter the Canadian marketplace and continue to expand FTX’s global reach,”  FTX chief executive officer Sam Bankman-Fried said in a press release. “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, said her company was looking forward to working with FTX.

The deal is the latest in which a Canadian company that has already gone through the regulatory process has been acquired. WonderFi Technologies Inc., backed by Kevin O’Leary, announced it would acquire Toronto cryptocurrency trading platform Coinberry for $38.5 million in April, and Bitbuy for $206 million in January.

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Industry consolidation was also noted as being one of the big themes to look out for in the cryptocurrency space during the latest FP CryptoDecoded session in January. BIGG Digital Assets chief executive officer Mark Binns said he saw consolidation as a major theme among licensed trading platforms and…

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