Backpack Secures FTX EU to Broaden Cryptocurrency Exchange Services in Europe

The international digital currency trading platform Backpack Exchange publicized on March 7th (relevant local time) that it has concluded the procurement of the European Union (EU) segment of FTX, known as FTX EU.

Backpack Exchange, having acquired FTX EU, is now in possession of the ‘MiFID II license’ as per the EU’s Markets in Financial Instruments Directive II. With this authorization, Backpack Exchange is setting its sights on furnishing secure and compliant trading experiences throughout the European continent. The current objective is to reactivate the said license and commence service offerings in Europe within the inaugural segment of the year.

Furthermore, Backpack Exchange is set to unveil a variety of cryptocurrency derivative instruments, encompassing perpetual futures, to its EU clientele. It is also gearing up to incorporate and bolster support for the payment infrastructures within the Single Euro Payment Area (SEPA), which simplifies the process of fund transfers across EU nations using a unified bank account framework.

Armani Ferrante, the CEO of Backpack Exchange, expressed, “In contrast to various platforms receding from the EU sphere, our expansion includes securing the MiFID II license via the FTX EU acquisition.” He emphasized the significant stride towards ensuring legally compliant crypto trade within the EU regulatory perimeter.

He went on to articulate, “With this strategic move, our commitment extends to managing the distribution of FTX’s insolvency claims to the customers of FTX EU,” reassuring stakeholders of their intent to promptly and securely reinstate customer funds to rebuild confidence.

In the meantime, with its activities spanning across in excess of 150 nations and territories, Backpack Exchange boasts a formidable record of more than $60 billion in trade volume. Its past year witnessed the triumphant culmination of a Series A funding initiative valued at $17 million, which was backed by the esteemed Hashed.