Backpack Exchange Acquires FTX EU

Backpack Exchange Acquires FTX EU, Eyes European Market with Regulated Crypto Products

Backpack Exchange, a cryptocurrency trading platform founded by former FTX executives, has successfully acquired FTX EU, the European arm of the now-defunct FTX exchange. This strategic move, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission, enables Backpack to expand its presence in the European market by offering MiFID II-regulated crypto products to users.

With this acquisition, Backpack EU will provide a range of crypto derivatives, including perpetual futures, catering to the underserved European market. According to Backpack Chief Executive Armani Ferrante, obtaining a MiFID II license “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.”

Key Features of Backpack EU

In addition to offering new products, Backpack EU will:

• Handle the distribution of FTX bankruptcy claims to FTX EU customers.
• Integrate traditional payment systems, allowing users to make payments across Europe via SEPA and wire transfers.

The company plans to reactivate its EU license and launch Backpack EU in Q1 2025, though no exact timeframe has been provided for the launch.

About Backpack Exchange

Founded in 2022 by Armani Ferrante, an early employee of Alameda Research, Backpack was initially launched as the non-custodial Backpack Wallet. Despite facing setbacks, including losing $14.5 million (88% of its operating funds) during the collapse of FTX in November 2022, the team chose to continue building with minimal funding.

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