Backpack Exchange is extending its foothold in the European cryptocurrency market by acquiring FTX EU. This acquisition opens new avenues for regulated trading in the region.
A New Chapter for the European Crypto Market
With the acquisition of FTX EU, Backpack Exchange aims to lead the regulated crypto trading sector in Europe. As unregulated offshore exchanges exit, Backpack EU will offer perpetual futures and other crypto derivatives, targeting an underserved market.
Transparency and Trust Rebuilding
Backpack EU will manage the distribution of funds owed to FTX EU customers as part of the court-approved bankruptcy claims process. This step is essential for restoring confidence in the industry following the FTX collapse and broader market uncertainties.
Launch Timeline and Service 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, including SEPA and wire transfers, to facilitate seamless transactions. The exchange will offer the following services: * Perpetual Futures: A regulated offering that fills a significant gap in the European market. * Comprehensive Crypto Derivatives: Catering to both institutional and retail traders seeking secure trading environments. * Enhanced Payment Rails: Supporting instant, low-cost transactions in major currencies.
The acquisition of FTX EU strengthens Backpack Exchange's position in Europe, providing users with secure and regulated crypto trading services.
