Announcement from Backpack Exchange or relevant financial news outlets

Backpack Exchange Acquires FTX EU for $32.7 Million, Plans to Launch Regulated Perpetual Futures in Europe in Q1 2025

Jan 7, 2025, 09:04 AM

Backpack Exchange, founded by former FTX executives, has acquired FTX EU, the European arm of the now-defunct FTX platform, for $32.7 million. The acquisition, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), enables Backpack to utilize FTX EU's MiFID II license to offer regulated crypto derivatives across Europe. Backpack plans to launch its European operations in the first quarter of 2025, starting with perpetual futures trading, aiming to fill the gap left by other exchanges exiting the region. The company also commits to returning all customer EURO funds held by FTX EU, prioritizing customer restitution as part of its strategy to rebuild trust in the industry.