Backpack Exchange, a centralized cryptocurrency exchange established by former Alameda Research and FTX employees, has announced the acquisition of FTX EU, the European division of the now-defunct FTX exchange. This strategic move has received approval from both the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), enabling Backpack to expand its operations within the European Union.
As part of the acquisition, Backpack EU will manage the distribution of funds to FTX EU customers in accordance with court-approved bankruptcy claims. The company plans to introduce a comprehensive range of crypto derivative services within the EU, including perpetual futures.
Backpack Exchange has committed to reinstating FTX EU customers’ funds efficiently and securely. CEO Armani Ferrante emphasized that restoring customer trust and confidence is essential for the industry.
Following the reactivation of its license, Backpack EU is on track to launch in the first quarter of 2025. The exchange will release further instructions for new users on how to register with Backpack EU and for FTX EU customers on accessing their assets via its official support channels. This story is evolving, with more updates to be provided as they become available.
