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Canadian cryptocurrency exchange Bitvo has terminated its previously announced acquisition agreement with FTX Canada Inc. and FTX Trading Ltd., the company said in a blog post.
The Calgary-based trading platform noted it has no material exposure to FTX or any of its affiliated entities. The exchange said:
"At Bitvo, we believe that holding ourselves to the highest standards of security and compliance will allow us to build a successful business for the long term and have never sacrificed that for short term gains."
The move comes shortly after FTX filed for Chapter 11 bankruptcy protection in the US as it faced massive liquidity issues. According to the bankruptcy proceedings, the exchange had around $9 billion in liabilities while only having a slightly over $1 billion in liquid assets.
