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Bear market continues to expand, FTX announces acquisition of compliant cryptocurrency exchange Bitvo, expanding its business territory to Canada.

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Bear market continues to expand, FTX announces acquisition of compliant cryptocurrency exchange Bitvo, expanding its business territory to Canada.

Despite the crypto market entering a cold winter, FTX continues its expansion efforts without pause. Today, it announced the acquisition of the Canadian compliant exchange Bitvo, expanding its operations into Canada. This move signifies another step forward for FTX in its global expansion.

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FTX announced on the 17th that it has signed an agreement to acquire BitvoBitvo, Inc., a Canadian cryptocurrency trading platform. For some time now, FTX has been actively expanding in a "regulated manner" to provide cryptocurrency products and services to users worldwide. This acquisition signifies FTX's further expansion on a global scale.

FTX founder and CEO Sam Bankman-Fried stated:

"We are excited to enter the Canadian market and continue to expand FTX's global influence. FTX is actively engaging with global regulatory authorities, and this expansion represents a significant step forward for us."

Bitvo is a compliant exchange in Canada. In April 2022, Bitvo became the first cryptocurrency trading platform to be registered in compliance with Alberta, Canada, and regulated by the Canadian Securities Act. This allows Bitvo to provide a secure and simple way for users in the region to trade and purchase cryptocurrency assets. Additionally, Bitvo is registered as a money service provider with Canada's financial intelligence agency, FINTRAC.

According to an FTX press release, the Bitvo acquisition is expected to be completed in Q3 of this year, subject to approval from Canadian regulatory authorities. Following the acquisition, Bitvo will either integrate into the FTX global team and serve users in the Canadian market.

Bitvo CEO Pamela Draper stated that interest in digital assets among Canadians is increasing. Once the acquisition is completed, Bitvo will be integrated into FTX, while also looking forward to changing the cryptocurrency trading ecosystem in Canada.

Pamela Draper concluded:

"Interest in digital assets in Canada is on the rise. FTX is a leading regulated cryptocurrency exchange globally, and we are excited to help the Canadian crypto community access FTX's services through this acquisition. Once the acquisition is completed, Bitvo will be integrated into FTX, and we look forward to changing the cryptocurrency trading ecosystem in Canada."