Backpack Exchange Acquires FTX EU to Strengthen European Market Position

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by Giorgi Kostiuk

2 years ago

Today, Backpack Exchange announced the complete acquisition of FTX EU, the former European arm of FTX. This marks a significant step in Backpack's expansion into the European market.

Acquisition Deal

Backpack Exchange has acquired FTX EU, with the deal approved by the Cyprus Securities and Exchange Commission (CySEC). This acquisition allows Backpack to strengthen its European market position, offering more secure and regulated trading solutions.

New Product Offerings

With the acquisition, Backpack is set to offer a full range of crypto derivatives across Europe, including perpetual futures. This is a critical step as many international exchanges are closing their unregulated operations.

Future Plans

The launch of the new Backpack EU branch is scheduled for Q1 2025. Additionally, Backpack will handle the distribution of court-approved FTX EU customer claims as part of the bankruptcy proceedings. New users are expected to join once all necessary processes are completed.

In conclusion, the acquisition of FTX EU represents a major expansion for Backpack Exchange in the European market and highlights the company's commitment to providing a secure and regulated trading environment for its users.

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