Backpack officially announced the completion of its acquisition of FTX EU assets. The transaction, approved by the Cyprus Securities and Exchange Commission (CySec), was finalized in June 2024.
FTX's Position
FTX has raised concerns over the clarity of the situation. In a press release, FTX clarified that Backpack’s acquisition of FTX EU has not been approved by the U.S. Bankruptcy Court. Additionally, Backpack was not authorized by FTX to distribute any funds to FTX customers, including those of its European divisions. FTX emphasized that the transfer of FTX EU shares to Backpack did not occur before the announcement on January 7, 2025.
Backpack's Response
Backpack has strongly defended its position, stating that the transfer of FTX EU assets was conducted under the supervision of the bankruptcy estate, and all necessary payments were completed. The company conducted a thorough compliance check with legal and regulatory standards.
Future of Backpack EU
The newly acquired platform, operating under the name Backpack EU, is set to launch in the first quarter of 2025. As a fully regulated exchange, Backpack EU will offer a comprehensive suite of cryptocurrency derivatives within the European Union, including perpetual futures. The company emphasizes its commitment to providing a secure and transparent trading platform for its customers.
The acquisition of FTX EU assets by Backpack marks a significant step forward for the platform, paving the way for new opportunities in the European cryptocurrency trading market.
