May 26th, 2024

FTX deal to buy Canadian crypto platform Bitvo terminated

By The Canadian Press on November 15, 2022.

Signage for the FTX Arena, where the Miami Heat basketball team plays, is illuminated Saturday, Nov. 12, 2022, in Miami. 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 CANADIAN PRESS/AP/Marta Lavandier

CALGARY – 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.

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

This report by The Canadian Press was first published Nov. 15, 2022.

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