EddieJayonCrypto
7 Jan 25
Former FTX executives have acquired FTX EU to expand Backpack Exchange in Europe. The acquisition grants Backpack access to FTX EU’s MiFID II license, enabling compliant crypto derivatives trading across the EU. Backpack aims to address the demand for secure and regulated crypto trading solutions in...
Former FTX executives, now leading Backpack Exchange, have acquired FTX EU to expand their presence in Europe. The acquisition grants Backpack access to FTX EU’s MiFID II license, enabling compliant crypto derivatives trading across the EU. Backpack aims to address the demand for secure and regulated crypto trading solutions in Europe, integrating traditional payment systems for user convenience. The exchange is committed to resolving customer claims tied to FTX EU’s bankruptcy and prioritizes regulatory compliance and customer trust.
Backpack, a crypto exchange founded by former FTX executives, has acquired FTX EU, the European arm of the defunct FTX platform. The acquisition was approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC). This move allows Backpack to offer compliant crypto derivatives, including perpetual futures, across the EU and integrate traditional payment systems for user convenience. The exchange expects to launch its EU operations in the first quarter of this year while resolving outstanding customer claims tied to FTX EU’s bankruptcy.
The acquisition of FTX EU by Backpack Exchange grants the latter access to FTX EU’s Markets in Financial Instruments Directive (MiFID) II license, allowing compliant crypto derivatives trading across the EU. This positions Backpack to address gaps left by unregulated offshore exchanges and meet the growing demand for secure and regulated crypto trading solutions in Europe. The exchange also plans to integrate traditional payment systems, aiming to launch its EU operations in the first quarter of this year and prioritize regulatory compliance and customer trust.