cryptodnes.bg
Backpack Exchange has made a bold move into the European crypto market by acquiring FTX EU, the European division of the collapsed FTX Exchange.
Approved by the FTX bankruptcy court and CySEC, the deal positions Backpack to offer regulated trading solutions and innovative products, such as crypto derivatives, across the EU starting in early 2025.
The acquisition marks a strategic expansion, with Backpack aiming to fill the void left by unregulated exchanges leaving Europe. By leveraging its MiFID II license, Backpack EU will prioritize transparency and compliance while introducing features like perpetual futures, catering to the region’s underserved traders. CEO Armani Ferrante emphasized the importance of secure, regulated solutions to rebuild trust in the industry.
A key aspect of the acquisition includes distributing funds to former FTX EU customers, with plans already underway to process approved claims. This restitution effort aligns with Backpack’s broader mission to restore confidence in the crypto sector while driving innovation.
This development comes amid FTX’s efforts to resolve its bankruptcy, including a $16 billion claims payout under its reorganization plan. Meanwhile, ongoing legal proceedings involving FTX’s former executives highlight the broader fallout from the exchange’s 2022 collapse. Backpack’s entry into the European market not only accelerates its global growth but could help set a new standard for compliance and reliability in crypto trading.