FTX Agrees to Acquire Canadian Trading Platform Bitvo as It Eyes Regional Expansion

FTX's decision to acquire Bitvo comes after rival exchange Binance pulled out of Ontario amid regulatory pressure last year.

AccessTimeIconJun 17, 2022 at 1:09 p.m. UTC
Updated May 11, 2023 at 5:44 p.m. UTC

Cryptocurrency exchange FTX has entered an agreement to acquire Alberta-based trading platform Bitvo, in a deal that will be completed in the third quarter of 2022 subject to regulatory approval, according to a press release issued on Friday.

  • 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."
  • Last June, rival exchange Binance pulled out of Ontario after several trading platforms failed to comply with the province's crypto regulations.
  • In October, Canada listed the Purpose Bitcoin ETF, which is billed as the world's first spot bitcoin exchange-traded fund. It currently has $1 billion in assets under management.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.