Backpack Exchange's Acquisition: Strengthening European Presence Post FTX EU Deal

user avatar

by Giorgi Kostiuk

2 years ago

Backpack Exchange announced the acquisition of FTX EU, strengthening its presence in the European crypto market and preparing for the launch of a regulated platform.

A Game-Changer for the European Crypto Market

This deal allows Backpack Exchange to lead in Europe's regulated crypto trading by filling the void left by unregulated offshore exchanges. The new Backpack EU entity is set to offer perpetual futures and crypto derivatives, addressing an underserved market.

Importance of Regulatory Compliance

Armani Ferrante, CEO of Backpack Exchange, highlighted the importance of regulatory compliance: “Becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and bringing secure, transparent crypto trading to an underserved European market.” The new entity will also oversee the distribution of funds owed to FTX EU customers under the court-approved bankruptcy claims process.

“Customer restitution is a crucial step to rebuild confidence in the industry. Backpack is committed to returning FTX EU customers’ funds as fast and as safely as possible.”Armani Ferrante

Launch Timeline and Product Offerings

Backpack EU is expected to go live in the first quarter of 2025, pending the reactivation of its MiFID II license. The new entity will integrate traditional payment systems to ensure seamless transactions. The platform will offer perpetual futures and comprehensive crypto derivatives tailored for institutional and retail traders.

The acquisition of FTX EU opens new opportunities for Backpack Exchange, enabling the company to significantly expand its presence in Europe and offer clients reliable and regulated crypto trading.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Richard Heart Detained in Istanbul Linked to Finnish Tax Investigation

Richard Heart, founder of HEX and PulseChain, has been detained by Turkish authorities in connection with a Finnish tax investigation.

user avatarJacob Williams

TD Cowen Increases Strive's Share Price Target Amid Bitcoin Holdings Surge

TD Cowen analysts raised Strive's share price target from 44 to 56 due to significant expansion of Bitcoin holdings to 35,595 BTC, noted in a research update on October 16.

user avatarZainab Kamara

Tether Invests in AI Infrastructure Startup AIsa

Tether has invested in AI infrastructure startup AIsa, contributing to its total funding of over $9 million to support autonomous AI applications.

user avatarSon Min-ho

Taiwan Restricts Access to Coinbase and Kalshi Ahead of Elections

Taiwanese authorities have restricted access to Coinbase and Kalshi websites due to concerns over election betting.

user avatarTando Nkube

Strategy Proposes Daily Dividends for STRC Preferred Stock

Strategy has conditionally declared daily dividends for its STRC preferred stock for November 2026, pending shareholder approval.

user avatarKofi Adjeman

Ripple Prime Expands Institutional Trading with New Derivatives Access

Ripple Prime introduces access to perpetual derivatives referencing traditional assets for eligible institutional clients.

user avatarNguyen Van Long

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.