The cryptocurrency exchange Backpack issued a statement addressing the controversy surrounding its FTX EU purchase, clarifying its obligations towards customers.
History of FTX EU Acquisition
The acquisition of FTX EU has been a matter of dispute due to conflicting ownership claims and responsibilities for returning funds to former customers. The FTX estate initially claimed that FTX EU's share capital belongs to FTX Europe AG, its subsidiary. However, Backpack asserts it purchased FTX EU in December 2024 with the approval of Cypriot regulators.
Backpack's Statement
In a January 9 press release, Backpack confirmed that it undertakes responsibility for refunding former FTX EU customers. The exchange detailed that FTX EU was initially sold to former insiders, with the transaction approved by the bankruptcy court in March 2024 and finalized in May the same year, before Backpack acquired the assets in June 2024.
Backpack's Future Plans
Backpack announced that FTX EU will be renamed Backpack EU, assuming sole responsibility for fund redistribution. The company plans to launch its European platform, Backpack EU, in the first quarter of next year, offering a comprehensive suite of crypto derivatives in the European market.
Backpack's explanations shed light on the FTX EU acquisition, emphasizing the exchange's preparedness to fulfill its customer fund repayment obligations and expansion plans in the European market.
