Another cryptocurrency company has withdrawn from FTX, saying it has never owned or traded the bankrupt crypto exchange’s own token.
Canadian marketplace Bitvo has announced that its shareholder Pateno Payments has ended its acquisition of FTX Canada and FTX Trading. The company assured that this did not affect the functioning of Bitvo in any way, since FTX did not have significant influence on the company, like its affiliates. All trading operations on Bitvo continue as usual, company representatives assure.
Bitvo assured that they are not involved in the FTX bankruptcy proceedings and that they never owned the disgraced exchange’s own tokens, FTT. According to the announcement, the Canadian crypto exchange has always operated as an independent platform for trading crypto assets.
“We operate on a full reserve basis – that is, we do not lend funds to clients. Our company has always preferred this model of work. It is also required by our status as a restricted dealer registered with Canadian securities regulators,” the announcement reads.
The company is pleased that the deal with FTX did not take place, as this would have had a serious impact on Bitvo’s customers and employees. There is also some luck in this, since the deal, concluded in June, was supposed to be approved by the Alberta Securities Commission, but the regulator delayed checking the necessary documents.
Earlier, Temasek, the largest investment company in the Asian region, owned by the Singapore government, announced a $275 million investment in the FTX exchange. These investments had to be written off as a loss.
Source: Bits
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