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

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by Giorgi Kostiuk

a year 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.

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