Backpack Exchange announced the acquisition of FTX EU, an important step for expanding regulated crypto trading in Europe. This transaction has been approved by the FTX bankruptcy court and CySEC.
Impact on the European Crypto Market
Backpack Exchange aims to dominate the European regulated crypto trading space, which is left void by unregulated offshore exchanges. The new Backpack EU entity will offer perpetual futures and other crypto derivatives, targeting an 'underserved market.'
Adherence to Regulatory Standards
Backpack Exchange CEO Armani Ferrante emphasized the importance of regulatory compliance, stating:
Launch Timeline and Product Offerings
Backpack EU is set to launch in the first quarter of 2025 pending the reactivation of its MiFID II license. The new entity will integrate traditional payment systems, including SEPA and wire transfers, to ensure seamless transactions. The product offerings will include:
The acquisition of FTX EU enables Backpack Exchange to establish a significant presence in the European crypto market and offer new opportunities to its participants.
