BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Canadian Exchange, Bitvo, Has Terminated Its Acquisition Agreement Deal With FTX

by BlockNews Team
November 19, 2022
in BUSINESS, CRYPTO, MEDIA
Reading Time: 4 mins read
A A
1
SHARES
12
VIEWS
Share on XShare in TelegramShare on Reddit

The crypto industry witnessed a wild uproar last week when the scandalous affairs of Sam Bankman-Fried’s Bahamas-based exchange company, FTX, were brought to light.

A week after the tragic incident was revealed to the public, companies known to have been related to the now-bankrupt company are publishing press releases announcing their delinking from FTX. The latest company to do so this week is Bitvo, a Canadian cryptocurrency exchange platform.

Bitvo, a Calgary-based exchange, posted on Twitter that it terminated its acquisition agreement deal with FTX and its affiliates. Earlier in June 2022, the CEO of FTX, Sam Bankman-Fried, announced his plans to acquire the Canadian exchange Bitvo, as this was to be FTX’s move into the Canadian crypto market.

In light of all that has happened recently, Bitvo, the cryptocurrency exchange, announced on November 15 that it would continue operating independently as it was free of any hold from the chaotic FTX company or any of its associates. Bitvo’s shareholder, Pateno Payments, has annulled this acquisition deal as the exchange company reaffirms that it is not in any way affected by the consequences that FTX left in the wake of its scandal.

The Canadian firm stated that it has no hand in the bankruptcy filing by FTX and has never owned, listed, or traded the company’s token (FTT) or “any similar token.” In the press release, Bitvo stated, “Since inception, Bitvo has operated as an independent,” this notice clarified that the company has nothing to do with FTX.

“Bitvo’s operations are expected to continue unaffected, with trading operations and withdrawals and deposits continuing seamlessly. Bitvo operates on a full reserve basis, meaning it does not lend customer funds.”

The plans of the once prosperous crypto exchange, FTX, to acquire Bitvo had gone awry after news of the company misappropriating customer funds for trading on its affiliate firm, Alameda, circled the internet. The CEO of FTX, Sam Bankman-Fried, has since stepped down from his position as the company’s value plummeted rapidly.

On November 14, Bitvo announced that its acquisition agreement deal with FTX was still in progress and wasn’t closed, saying that 80% of its assets are stored in cold storage, and its digital assets are being secured with independent third-party agents BitGo Trust Company and BitGo Inc.

Although the CEO of Binance once announced his plans to acquire FTX, he backed out of the deal after hearing the full details of SBF’s actions with his company and affiliate, Alameda.

Though Bitvo narrowly escaped being dragged down by FTX, the same cannot be said of other companies interacting with the crashed company.

Hearing the fallout of a company is not a new experience in the financial business world, as many companies are often liquidated, file for bankruptcy, and are involved in specific scandalous affairs that drag the brand image down from its highly respected position.

However, the news of the crash of FTX, a promising and seemingly efficient trading company, has weighed heavily on the crypto market as stocks have plummeted and companies have been deeply affected by its crash.

Companies That Suffered The Fall of FTX

  1. Liquid

An FTX-owned cryptocurrency exchange, Liquid, discontinued its crypto and fiat withdrawals on its platform, Liquid Global, due to FTX’s tragic incident. On November 15, an official report was released stating FTX acquired the Japanese crypto exchange and its affiliate entities in February 2022.

  1. Voyager Digital

The crypto lender Voyager Digital’s assets were acquired in September 2022 by FTX after it went bankrupt two months prior. However, as a victim caught in the ripple effect of FTX’s drama, the company announced on Twitter that it would be reorganizing its brand following the bankruptcy filing by FTX and its US affiliate, FTX US. Voyager Digital stated that customer votes would be terminated, and its sale would cease to progress.

What Is Bitvo?

Bitvo is a Canadian-based crypto asset trading platform specializing in purchasing and selling crypto assets via its mobile applications and website. The company boasts of never lending or using customer funds. Bitvo has a 1% withdrawal fee and zero-trade fees policy, ranking the company as a highly suitable platform for Canadian crypto enthusiasts to trade.

Conclusion

It is no surprise that many companies refuse to be associated with the crashed exchange FTX; Bitvo is the latest of the companies in the crypto industry to terminate its deal with the once-booming cryptocurrency exchange. 

Tags: BitvoBusinessFTX
TweetShareShare
Previous Post

Funds with FTX Exposure Have 7% to 12% AUM Trapped

Next Post

Scientific Research Now Has A Dent Due To FTX Collapse, Here’s Why

DON'T MISS THESE! HOT OFF THE PRESS

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Connecticut Bans Bitcoin and Crypto for Government Funds
BITCOIN

Connecticut Bans Bitcoin and Crypto for Government Funds

July 1, 2025
Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
PEPE Pops 17%—But Is This Meme Rocket Just Getting Started?
CRYPTO

PEPE Pops 17%—But Is This Meme Rocket Just Getting Started?

July 1, 2025
Load More

Related News

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Deutsche Bank Eyes 2026 Launch for Bitcoin and Ethereum Custody

Deutsche Bank Eyes 2026 Launch for Bitcoin and Ethereum Custody

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.