Backpack Exchange has officially announced the completion of acquiring FTX EU's assets. Nonetheless, FTX has expressed significant concerns regarding the announcement.
FTX's Position
FTX stated that Backpack's acquisition of FTX EU has not been approved by the U.S. Bankruptcy Court. FTX emphasized that the transfer of FTX EU shares did not occur before the official announcement by Backpack on January 7, 2025. FTX also noted that it has not reviewed or approved any communications from Backpack regarding asset recovery for former FTX EU customers.
Backpack's Response
Backpack has strongly defended its position, stating that the acquisition was conducted in full compliance with both legal and regulatory frameworks. The company clarified that the transfer of FTX EU assets was conducted under the supervision of the bankruptcy estate, and all necessary payments were completed.
Acquisition Process and Backpack EU's Plans
Backpack's acquisition of FTX EU assets unfolded over several months. The initial sale, including FTX EU, was approved by the court in early 2024. The transaction was completed in May 2024. Backpack received approval from CySec in December 2024. The new platform, Backpack EU, plans to launch in the first quarter of 2025, offering cryptocurrency derivatives in the EU.
With the acquisition of FTX EU assets, Backpack is preparing to launch Backpack EU in 2025, offering new opportunities for customers.
