Backpack Exchange, a cryptocurrency exchange founded by former FTX executives, has acquired FTX EU, the former European arm of the collapsed crypto giant. This acquisition grants Backpack access to FTX EU’s MiFID II license, a crucial regulatory approval for operating in the European Union.
The acquisition was approved by both the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), the regulatory agency in Cyprus, where FTX EU was based. While the license is currently suspended following FTX’s collapse, Backpack plans to reactivate it and launch Backpack EU in the first quarter of 2025.
Backpack: The EU will be responsible for delivering court-approved bankruptcy claims to FTX EU customers. The company also plans to offer a suite of crypto derivative services across the EU, including perpetual futures.
This acquisition marks a significant milestone for Backpack, enabling it to expand its operations into the European market and capitalize on the growing demand for regulated crypto trading services in the region.
