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Canadian cryptocurrency exchange Bitvo has terminated its anticipated acquisition deal with FTX and will continue to operate independently.
Bitvo shareholder Pateno Payments has terminated its acquisition transactions with FTX Canada and FTX Trading pursuant to the terms of the agreement. announced November 15th.
The company emphasized that its business has not been affected as Bitvo has no material exposure to FTX or its affiliates.Bitvo’s trading operations, including withdrawals and deposits, remain intact.
Bitvo also emphasized that it is not a party FTX opens bankruptcy proceedings and its affiliates. Also, Bitvo has never owned, listed, or traded his FTX tokens (FTT) or similar tokens, the announcement said.
Since its inception, Bitvo has operated as an independent Canadian cryptocurrency trading platform, the company said, adding that the platform does not offer lending or borrowing services.
Because Bitvo operates on a full reserve basis, we do not lend our clients money. Bitvo’s regulatory status requirements as a […]
Crypto exchanges in trouble, as Cointelegraph previously reported FTX signs deal It plans to purchase Bitvo in June 2022 as part of the company’s expansion plans in Canada. However, the plan fell through when FTX became the subject of a massive industry scandal. Diversion of User Funds Traded by sister company Alameda.
On November 14th, Bitvo officially launched announced The acquisition by FTX is still a pending transaction and has not been closed. Digital assets are held by an independent third party, He BitGo Inc. and his BitGo Trust Company, with more than 80% of his assets held in cold storage, the company said. .
Bitvo CEO Pamela Draper told Cointelegraph, We are glad that the acquisition did not go through. would have been, he said. The process leading up to the June deal announcement included work to meet closing conditions, the most important of which was regulatory approval, she added.
The Alberta Securities Commission is our primary regulator, and Bitvo and FTX have worked with them to obtain the necessary approvals, said Draper.
Bitvo appears to have managed to back out of the deal, but there are several crypto companies affected by the FTX crisis as they were acquired by crypto mogul.
Crypto Exchange Liquid Owned by FTX Suspend fiat and cryptocurrency withdrawals According to an official statement released on November 15th, on the Liquid Global platform in connection with the FTX issue. FTX Acquires Japanese Exchange and its affiliates in February 2022.
Related: Bahamas liquidator rejects validity of FTX’s US bankruptcy filing
Bankrupt crypto lender Voyager Digital updated clients on its restructuring efforts following the Chapter 11 filings by FTX and FTX US on Twitter on Nov. He said the sale could not proceed.Voyager went bankrupt July 2022, FTX US Acquires Assets in September.
FTX US Derivatives, another subsidiary of FTX US formerly known as LedgerX, continues to offer fully secured crypto swaps, futures and options, said CEO Zach Dexter. Said He also noted that LedgerX was not included in this FTX bankruptcy filing. Customer funds will be kept safe on the LedgerX LLC derivatives platform, which is available 24/7, Dexter noted in another tweet on Monday. FTX US Acquires LedgerX In an undisclosed deal in August 2021.
