Canadian Exchange of cryptocurrencies Bitvo said Tuesday it had canceled its deal to be acquired by the collapsed rival FTX FTT/USD.

What happened: One week later FTX filed for bankruptcy Bitvo said that its shareholder “in light of recent events” Pateno Payments Inc., has terminated his contract with FTX Canada Inc. and FTX Trading Ltd.

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Bitvo announced the deal to be acquired by FTX earlier this year. In a press release, Bitvo said “it is not a party to the bankruptcy proceedings instituted by FTX” and “has never owned, listed or traded in FTX tokens (“FTT”) or similar tokens.”

The company said its operations are expected to continue unaffected, with trading operations and withdrawals and deposits continuing as usual.

“Bitvo operates on a full reserve basis, meaning it does not lend client funds. Bitvo has always chosen to operate this way,” the Canadian stock exchange added.

Bitvo said last week that customer funds are safe on its platform and trading operations, withdrawals and deposits proceed as usual.

price action: FTT is trading at $1.76, up 18.32% in the last 24 hours Gasoline Pro.

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