News That Matters

FTX, collapsing crypto giant, no longer buying Calgary-based Bitvo

Canadian crypto trading platform Bitvo Inc. says its deal to be acquired by FTX, the crypto-exchange giant that collapsed last week and filed for bankruptcy, will not go ahead.

The company says that “in light of recent events” that its shareholder, Pateno Payments Inc., terminated its agreement with FTX Canada Inc. and FTX Trading Ltd.

Bitvo announced the deal to be acquired by FTX earlier this year. Financial terms of the agreement were not disclosed.

Bitvo said Tuesday it has no material exposure to FTX or any of its affiliated entities.

The company says its operations have and are expected to continue unaffected, with trading operations as well as withdrawals and deposits continuing.

Story continues below advertisement

It noted that it operates on a full reserve basis, meaning it does not lend customer funds, a requirement of its regulatory status.

Source link