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Backpack Exchange Acquires FTX EU for $32.7 Million, Plans Regulated Crypto Derivatives in Europe by Q1 2025
Jan 7, 2025, 08:32 AM
Backpack Exchange has acquired the European arm of the bankrupt FTX, known as FTX EU, for $32.7 million. The acquisition, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), includes FTX EU's MiFID II license. Backpack plans to use this license to offer regulated crypto derivatives across Europe, positioning itself as the only provider of regulated perpetual futures in the region. The company aims to launch its European operations in the first quarter of 2025, starting with the return of all customer EURO funds on behalf of the FTX estate, followed by the introduction of a full suite of spot, margin, and futures trading products.
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