FTX Acquires Canadian Exchange, Aims To Expand In North American Continent

FTX, the 2nd largest digital asset exchange by trading volume, declared its expansion into America’s up-north neighbor by acquiring the Canadian trading firm Bitvo. The recently acquired firm will continue serving the Canadian market as it is integrated into the FTX global team.

As per the official release, the acquisition is anticipated to be completed in the 3rd Quarter of 2022, as it is presently subject to regulatory approval and customary closing conditions.

Sam Bankman Fried, the CEO of FTX commented that the new acquisition is a continued journey of worldwide expansion and proactively working with regulators.

The digital asset giant has promptly expanded its services beyond its primary markets lately. Earlier this month, FTX launched a Japan-based crypto exchange targeting its domestic virtual currency traders and investors and supporting fast deposits and withdrawals of the Japanese Yen.

At that time, SBF also accentuated the significance of working in compliance with local regulators. SBF is known for his keen support of working closely with watchdogs to address regulatory gaps as he sees it as imperative for internationally expanding the organization.

Earlier, FTX US divulged that when it comes to acquisitions, the firm prioritized companies that could bring in a new user base and obtain regulatory licenses.