Canadian crypto trading platform Bitvo Inc. says its deal to be acquired by FTX, the crypto exchange giant that collapsed and filed for bankruptcy last week, will not go ahead.
The company says “in light of recent events” its shareholder, Pateno Payments Inc., has terminated its agreement with FTX Canada Inc. and FTX Trading Ltd.
Earlier this year, Bitvo announced the deal to be acquired by FTX. Financial terms of the agreement were not disclosed.
Bitvo said on 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 borrow customer funds, a requirement of its regulatory status.