Official statements from FTX EU or legal documents from relevant courts

Coinbase Acquires BUX Europe, Rebrands as Coinbase Financial Services Europe Under MiCA Regulation

Jan 7, 2025, 08:00 AM

Coinbase has acquired BUX Europe Limited, a Cyprus-based unit, as part of its expansion strategy in Europe under the Markets in Crypto-Assets (MiCA) regulation. The acquisition allows Coinbase to rebrand the unit as Coinbase Financial Services Europe and obtain a Cyprus Investment Firm license, enabling the company to enhance its contract for difference (CFD) offerings and passport services across the European Union. This move marks a significant step for Coinbase in strengthening its presence in the European market, particularly in light of the MiCA framework designed to regulate cryptocurrency activities. Meanwhile, FTX Europe has been acquired by Backpack Exchange, a platform founded by former FTX and Alameda employees, aiming to expand derivative trading across the EU. This acquisition comes nearly two years after FTX's collapse, with FTX EU customers facing limitations on their recoveries compared to other FTX entities.