Backpack Exchange Expands Crypto Presence in Europe with Acquisition of FTX EU
Backpack Exchange, a fully regulated global cryptocurrency platform, has announced the completion of the acquisition of FTX EU, the European subsidiary of the collapsed cryptocurrency exchange FTX. The deal has received approval from the FTX bankruptcy court and Cyprus Securities and Exchange Commission (CySEC), marking a significant milestone in the business’s expansion in Europe.
FTX EU was previously licensed under MiFID II, Europe’s financial markets regulation. This acquisition has now brought this license under the control of Backpack. Following the acquisition, Backpack will facilitate the trading of a wide range of crypto derivatives, including perpetual futures, across Europe.
Backpack has acquired FTX EU and its MiFID II License.
Our first priority is to return all customer EURO funds on behalf of the FTX estate, followed by rolling out a full suite of spot, margin, and futures trading products.
Crypto perps trading is coming back to Europe 🇪🇺 pic.twitter.com/ExxYFufZHj
— Backpack 🎒 (@Backpack) January 7, 2025
Regulated crypto derivatives have been scarce in Europe due to many unregulated exchanges being forced out of the continent because of these regulations.
According to Backpack Exchange CEO Armani Ferrante, “With many international exchanges leaving the European Union, the acquisition underlines our commitment to operating at the highest regulatory standards, and becoming a MiFID II-licensed entity is an important step towards bringing secure and transparent crypto trading to an underserved European market.”
The new crypto products will be launched by Backpack EU, and it will also take the responsibility of fund distribution to FTX EU’s former customers. As part of the acquisition, Backpack has promised to make sure that these customers receive their restitution as fast and securely as possible, thereby helping rebuild trust in the industry after the collapse of FTX.
In addition to this, Backpack EU will integrate seamlessly with the traditional payment systems, including SEPA payments and wire transfers, making it easy for European users to deposit and withdraw funds.
The platform is expected to be live in the first quarter of 2025. Further details regarding user registration and access to funds for former FTX EU customers will be announced soon.
Also Read: Coinbase Acquires BUX’s Cyprus Unit for European Expansion
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