The long approval process by local regulators allowed Bitvo to back out of its acquisition agreement with FTX.<\/p>\n
FTX’s bankruptcy filing has not affected Bitvo’s acquisition is unclear, but Pamela Draper says the fall of FTX was unexpected.<\/p>\n
“We were absolutely shocked,” and every crypto industry player who has been following FTX and holding FTT tokens for a long time was surprised. There is no dought about it, she said.<\/p>\n
Read Also:<\/strong> FTX and Bitcoin are the opposite, according to Salvadoran President Bukele<\/a><\/p>\n Pamela Draper said, Bitvo has yet to pause trading pairs but terminated the acquisition agreement with FTX.<\/p>\n Bitvo announced<\/a> on November 15th that Paterno Payments, Bitvo’s shareholder, has decided to discontinue its acquisition agreement with FTX Canada and FTX Trading.<\/p>\n Bitvo is a Canada-based cryptocurrency trading platform that concentrates on crypto service, transparency, and security. They make cryptocurrency trading super easy for Canadians.<\/p>\n Bitvo also announced<\/a> that they never owned the FTX token or any similar FTX token and said it’s not a joke or any squid games to proceedings bankruptcy by FTX’s affiliated entities.<\/p>\n As part of the company’s plans to expand in Canada, FTX agreed to buy Bitvo in June 2022. However, the plan failed as Alameda Research, FTX’s sister firm, misappropriated user funds and made the exchange the target of a massive industry scandal.<\/p>\n In an official announcement on Nov. 14, Bitvo announced that its acquisition by FTX was still on hold. According to BitGo Inc., over 80% of digital assets are held in cold storage by BitGo Trust Company and BitGo Inc.<\/p>\n Read Also:<\/strong> FTX and Alameda accounts frozen by crypto exchange Kraken<\/a><\/p>\n Bitvo CEO Pamela Draper said that she is glad the acquisition didn’t close because it would have devastated both her employees and customers. It involved completing the closing conditions, which included regulatory approval, since the announcement in June, she explained.<\/p>\n Bitvo and FTX sought approval from the Alberta Securities Commission, our principal regulator, Draper said.<\/p>\n The FTX crisis has affected other crypto companies<\/a> because they were acquired by the crypto mogul, while Bitvo appears to have backed out of the deal.<\/p>\n FTX-owned crypto exchange Liquid released an official statement earlier this month, which has suspended withdrawals in connection with FTX’s troubles. February 2022 was the date on which FTX acquired the Japanese exchange and its affiliates.<\/p>\n As a result of the Chapter 11 filings by FTX and FTX US on Nov. 16, Voyager Digital took to Twitter to explain its reorganization efforts and announce that a planned sale will not take place. At the end of August, FTX US acquired Voyager’s assets from the bankruptcy court.<\/p>\n On Nov. 14, CEO Zach Dexter stated<\/a> that LedgerX continues to offer fully collateralized swaps, futures, and options on crypto through its subsidiary FTX US Derivatives.<\/p>\n According to him, the company is not part of FTX’s bankruptcy filing. The LedgerX LLC derivatives platform remains safe for customer funds, Dexter noted in another tweet.<\/p>\n We provided our LedgerX customers with more info regarding the methods we use to keep customer funds safe.<\/p>\n Customer funds remain safe on the LedgerX LLC derivatives platform, which remains available 24×7 at https:\/\/t.co\/MhDW9OKcRo<\/a>. pic.twitter.com\/CSrveoL6xp<\/a><\/p>\n\n