FTX EU has been acquired by Backpack, according to a note from the firm. The goal is to offer crypto trading, including derivatives and perpetual futures, across the EU. Deal terms were not immediately available.
FTX EU is part of the global crypto exchange’s global collapse and ensuing bankruptcy.
Backpack EU, based in Germany, states that it is already a fully regulated crypto exchange but is gaining FTX EU’s MiFID II license. The deal is said to have been approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC).
Armani Ferrante, CEO of Backpack Exchange, stated:
“As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market.”
Backpack EU will be required to distribute the previously court-approved FTX bankruptcy claims to FTX EU customers. Ferrante said they would strive to distribute funds as quickly as possible.
Backpack will also integrate with traditional payment rails, including instant Single Euro Payments Area (SEPA) payments and wire transfers in major currencies across the region.
Plans are for Backpack EU to go live in Q1 of 2025.
Backpack reports that it currently serves users from more than 150 countries and regions with more than $60 billion in trading volume.