Ontario Teachers Keep Investing in FTX Which is Not Available in Ontario
An Ontario-based organization in charge of administering pensions for teachers once again invested during FTX’s latest fundraise, but residents of this Canadian province still can’t use FTX.com.
FTX Trading Ltd., the owner and operator of major crypto exchange FTX, said that they closed a USD 400m Series C fundraise – Increasing the valuation of the company to USD 32bn.
Among the participants is the Ontario Teachers' Pension Plan Board, an independent organization responsible for administering defined-benefit pensions for school teachers of the Canadian province of Ontario. The Board claims it had $227.7bn in net assets as of June 30, 2021.
Yet, notably, Ontario is a restricted market for FTX. The exchange states that there “may be partial restrictions” in certain jurisdictions, “potentially including” Canada, while “FTX also does not onboard any users from Ontario.”
And it's not the first time either: the organization announced back in October last year that their Teachers’ Innovation Platform (TIP) had participated in the USD 420m funding round for FTX. "TIP focuses on growth equity and venture capital investments in companies, such as FTX, that are using technology to shape future markets," they said at the time.
Meanwhile, according to FTX CEO Sam Bankman-Fried, they “will look to continue interacting with regulators to facilitate access to digital assets in a safe and compliant manner.”
It’s not just FTX that may land in regulatory trouble should it offer services to Ontario residents. In December 2021, the Ontario Securities Commission warned investors that cryptoasset platform Binance is unregistered in Ontario, therefore not authorized to sell any derivatives or securities in the province.
Meanwhile, other participants
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