Backpack Exchange, a crypto trading platform founded by former employees of FTX and Alameda Research, is acquiring FTX EU for $32 million.
According to a new one announcement of the European-based crypto exchange and wallet Backpack, the exchange has bought the European branch of FTX.
“Backpack has acquired FTX EU and its MiFID (Markets in Financial Instruments Directive) 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.
The trade in crypto perpetrators is coming back to Europe.”
The deal, approved by both the FTX Bankruptcy Court and the Cyprus Securities and Exchange Commission (CySEC), paves the way for Backpack’s expansion within the European Union.
FTX EU, which has been suspended by CySEC since late 2024, is not allowed to provide services but has continued to process transactions and return customer funds.
According to Backpack CEO Armani Ferrante, returning FTX EU customer funds will be the first priority of the exchange.
“We are fully focused on working with all relevant parties to return money from customers in the EU.
It is our top priority.
If you have an FTX EU claim, we will announce the next steps shortly.”
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