Hanover, Germany – Backpack Exchange, a leading global cryptocurrency platform, has announced its acquisition of FTX EU, the European arm of the defunct FTX, which was licensed under the MiFID II framework. Approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), this acquisition is a pivotal move in Backpack’s strategy to enhance its footprint in the European market with a strong focus on secure and regulated trading.
Expanding Regulated Derivatives Offerings
With this acquisition, Backpack plans to launch a suite of crypto derivatives across the European Union, including perpetual futures. This market segment has seen limited offerings as many unregulated offshore exchanges have been compelled to exit the European market due to stricter enforcement of regulations.
Armani Ferrante, CEO of Backpack Exchange, stated:
“This acquisition underscores our commitment to adhering to the highest regulatory standards. By becoming a MiFID II-licensed entity, we aim to bring transparent and secure trading to an underserved market in Europe.”
Handling FTX EU Customer Claims
Backpack EU will also manage the distribution of bankruptcy claims previously approved for FTX EU customers. Ferrante emphasized that restoring customer funds is essential to rebuilding trust in the cryptocurrency industry.
“We are dedicated to returning FTX EU customers’ funds as quickly and securely as possible,” he added.
Compliant and Convenient Integration
Backpack EU plans to integrate seamlessly with traditional payment systems, offering instant and cost-effective Single Euro Payments Area (SEPA) transactions and wire transfers in major currencies. The reactivation of FTX EU’s license is in progress, with a targeted launch for Backpack EU in Q1 2025.
About Backpack Exchange
Backpack Exchange is a fully regulated global cryptocurrency trading platform, serving users across 150+ countries with over $60 billion in trading volume. The platform offers innovative products like the Backpack Wallet, a noncustodial solution, and hosts Mad Lads, the top NFT community within the Solana ecosystem.
News Source:Backpack，This article does not represent our position.
