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Backpack Buys FTX EU, Q1-2025 Launch
https://ift.tt/xNZIrUi
This marks a major milestone for the European crypto market. It sets the stage for Backpack’s entry into Europe, with plans to launch in the first quarter of 2025.
Backpack is a crypto exchange founded by former FTX and Alameda Research employees. The deal, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), formally brings FTX EU’s assets and customers under the Backpack umbrella.
What’s the Plan?
Backpack is offering a revamped suite of services, including crypto derivatives like perpetual futures. More importantly, the exchange has taken on the critical task of refunding FTX EU customers as part of a court-mandated claims process.
We’re fully focused on working with all the relevant parties to return customer funds in the EU.
It’s our top priority.
If you have an FTX EU claim, we’ll announce next steps shortly. https://t.co/Wy2NBbSkRc
— Armani Ferrante (@armaniferrante) January 7, 2025
Armani Ferrante, Backpack’s CEO, emphasized their focus on restoring user trust: “We’re fully focused on working with all the relevant parties to return customer funds in the EU. It’s our top priority. If you have an FTX EU claim, we’ll announce the next steps shortly.”
Pending license reactivation, Backpack EU plans to be fully operational by early 2025.
Backpack has acquired FTX EU and its MiFID II License.
Our first priority is to return all customer EURO funds on behalf of the FTX estate, followed by rolling out a full suite of spot, margin, and futures trading products.
Crypto perps trading is coming back to Europe
pic.twitter.com/ExxYFufZHj
— Backpack
(@Backpack) January 7, 2025
A Long Road to Revival
FTX EU has a history of ownership shifts and regulatory hurdles. Originally known as Digital Assets AG, the company was acquired by FTX in 2021. After FTX’s dramatic fall in 2022, its European arm faced regulatory suspensions, and multiple bids from interested buyers, and was eventually sold back to its founders in 2024.
With this acquisition, Backpack is not just gaining a foothold in Europe. The exchange will also work to repair customer relationships and ensure a clean slate for its operations.
Despite losing most of its operating funds during the FTX collapse, Backpack remained operational. Now, with its acquisition, the exchange is setting its sights on becoming a trusted player in Europe’s crypto market.
Disclaimer
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We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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January 8, 2025 at 04:29AM
January 8, 2025 at 04:30AM
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