FTX Buys Bitvo With Canadian Regulators In Mind

FTX is expanding into Canada. However, this is no average expansion. 

Covered:

  • Crypto Exchange FTX Purchases Canadian Exchange Bitvo
  • FTX Canada: Sam Bankman-Fried’s Methods

FTX Purchases Canadian Exchange Bitvo

FTX announced that it has purchased Canadian crypto exchange Bitvo for an undisclosed amount. The deal for the Alberta-based exchange follows Kevin O’Leary’s purchase of BitBuy earlier this year.

Bitvo is a restricted dealer in Canada. Being registered as a restricted dealer in Canada means the exchange can engage in more advanced crypto exchange options within Canada’s regulatory framework. Many American exchanges have left Canada after not agreeing to register. 

“We are delighted to enter the Canadian marketplace and continue to expand FTX’s global reach,” said FTX founder Sam Bankman-Fried. Taking into account the FTX founder’s comments, the purchase of Bitvo appears to be forward-thinking. FTX had previously operated in Ontario, but had proactively left the territory after the OSC began cracking down on international exchanges offering advanced crypto trading.

“We’re focused and really excited to be building a real Canadian footprint, especially by working together with a registered platform,” Bankman-Fried told the Globe and Mail, “In particular, we’ve had some fantastic conversations with the government of Alberta, which has been really constructive and is trying to take the lead in Canada and around the world for crypto policy and frameworks.”

FTX, despite incredibly tough market conditions, continues to bolster its portfolio which includes the FTX exchange (US and International), Blockfolio, an investment in Solana, etc.

FTX Canada: Sam Bankman-Fried’s Methods

Bankman-Fried’s method of throwing money around to get the regulator’s ear shouldn’t come as a surprise. The FTX founder was the second biggest donor to Joe Biden’s presidential campaign. He’s also pledged upward of a billion dollars to help elect Democrats in upcoming elections. 

Alberta’s job minister Doug Schweitzer appears to be very excited. “FTX launching in Calgary will help further grow our reputation and our opportunities in technology and innovation, specifically in blockchain technology,” Schweitzer said.

Money talks.

Recommended: Did Sam Bankman-Fried Just Pull An Elon Musk?

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