Backpack, a crypto exchange launched by former FTX and Alameda employees, has bought FTX’s European operations for $32 million. This deal includes FTX EU’s valuable MiFID II license.
Returning Customer Funds is Top Priority
The acquisition, approved by both the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), will allow Backpack to expand within the European Union. Backpack CEO Armani Ferrante stated that returning funds to FTX EU customers is their immediate priority. He promised an announcement soon regarding the next steps for those with outstanding claims.
Backpack’s European Expansion Plans
Backpack plans to offer a full range of trading services in Europe, including spot, margin, and futures trading. They even aim to bring crypto perpetuals trading back to the European market. FTX EU, while suspended by CySEC since late 2024, has continued processing transactions and returning client funds, paving the way for a smoother transition under Backpack’s ownership.
Disclaimer: This information is for general knowledge only and does not constitute investment advice. Always do your own research before investing in cryptocurrencies.
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