Bitvo cancels deal with FTX

Bitvo, a Canadian cryptocurrency exchange, announced the termination of its agreement to be taken over by FTX, which filed for bankruptcy last week.

Bitvo has already agreed to be acquired by FTX Trading Ltd. (“FTX”), and in light of this week’s events regarding FTX, management would like to provide an update that the transaction has not yet been completed and that Bitvo will remain independent of the FTX group of companies with no material exposure to them.

Following Bitvo FTX’s spectacular collapse last week, the plan to create a Canadian beachhead was abandoned and the takeover was due to be completed in the third quarter, subject to regulatory approval and customary closing conditions, but Bitvo announced on November 11 that it had not yet been completed.

Bitvo cancelled the transaction to stress that it operates on a full reserve basis and in accordance with Canadian regulations as a licensed money services business with FINTRAC and as a Restricted Dealer with Canadian securities administrators.

Bitvo also stated that it now has no material connection to FTX or its affiliates.

The sources for this piece include an article in Reuters.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

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