Backpack Exchange has announced the acquisition of FTX EU, bolstering its presence in the European crypto trading market. This move opens up regulated cryptocurrency trading opportunities and aims to restore trust in the industry.
A New Era for the European Crypto Market
With the acquisition of FTX EU, Backpack Exchange aims to position itself as a major player in Europe’s regulated crypto trading space, which has seen a vacancy due to the exit of unregulated offshore exchanges. The new Backpack EU entity will offer perpetual futures and other crypto derivatives targeted at an underserved market.
Implementing Regulatory Strategy
Armani Ferrante, CEO of Backpack Exchange, emphasized 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." By adhering to MiFID II regulations, Backpack EU aims to rebuild trust in the cryptocurrency sector following the collapse of FTX and broader market uncertainties.
Backpack EU Plans and Offerings
Backpack EU is expected 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 payments and wire transfers, to offer seamless transactions. The exchange plans to provide:
- Perpetual Futures: A regulated offering that fills a significant gap in the European market. - Comprehensive Crypto Derivatives: Tailored for institutional and retail traders seeking secure trading environments. - Enhanced Payment Rails: Supporting instant, low-cost transactions in major currencies.
The acquisition of FTX EU positions Backpack Exchange as a leading participant in the European crypto market. By focusing on regulatory transparency and restoring trust, the company plans to launch new services to fill the gaps left by unregulated players.
