• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Backpack Finalizes Acquisition Deal of FTX EU Assets

user avatar

by Giorgi Kostiuk

3 months ago


Backpack has officially announced the completion of its acquisition of FTX EU assets after receiving approval from CySec in December 2024. This follows regulatory scrutiny and approvals despite recent disputes with FTX.

FTX's Position

FTX has raised concerns over the clarity of the situation. In a recent press release, FTX clarified that Backpack’s acquisition of FTX EU has not been approved by the U.S. Bankruptcy Court. Furthermore, Backpack has not been authorized by FTX to distribute any funds to FTX customers, including those who held accounts with FTX EU. FTX emphasized that the court-approved transfer of FTX EU shares to Backpack did not occur prior to the official announcement made by Backpack on January 7, 2025. Additionally, FTX has not reviewed or approved any communication by Backpack regarding asset recovery for former FTX EU customers.

Backpack's Response

Backpack has strongly defended its position, stating that the acquisition was conducted in full compliance with both legal and regulatory frameworks. The company clarified that the transfer of FTX EU assets from insiders to Backpack was conducted under the supervision of the bankruptcy estate and that all necessary payments to the FTX bankruptcy estate were completed as per the purchase agreement.

Acquisition Timeline and Process

Backpack’s acquisition of FTX EU assets has unfolded over several months. The initial sale of FTX’s European assets, including FTX EU, was approved by the U.S. Bankruptcy Court in early 2024. The transaction, which closed in May 2024, saw FTX insiders acquire the assets before Backpack subsequently purchased them from these insiders. This deal was officially completed in June 2024, as evidenced by publicly available court records in Germany. However, the process did not end there. As a regulated entity, Backpack’s acquisition required approval from CySec, the financial regulatory body in Cyprus. After a rigorous due diligence process, CySec granted its approval in December 2024, marking the official transfer of ownership to Backpack, with the company now fully in control of the European division of FTX.

Now, with the deal finalized, the platform named Backpack EU is set to launch in the first quarter of 2025. As a fully regulated exchange, Backpack EU will offer a comprehensive suite of cryptocurrency derivatives to clients across the European Union.

0

Share

Other news

Dragoin – The Best Telegram Game with Real Rewards

Dragoin introduces a new game on Telegram where users can earn cryptocurrency by performing simple actions.

user avatarGiorgi Kostiuk

13 minutes ago

Bitcoin Becomes the 5th Largest Asset in the World, Surpassing Google

Bitcoin has overtaken Google in market capitalization, becoming the 5th largest global asset and highlighting the growing recognition of cryptocurrency.

user avatarGiorgi Kostiuk

13 minutes ago

Guangzhou Court Divides Virtual Assets into Categories and Confirms Restrictions

The Guangzhou Internet Court analyzes virtual asset categories and reaffirms that unauthorized crypto trading lacks legal protection in China.

user avatarGiorgi Kostiuk

16 minutes ago

Senator Lummis Criticizes Withdrawal of Fed's Crypto Guidance

Senator Lummis expressed dissatisfaction with the Fed's withdrawal of crypto guidance, highlighting issues for banks in this area.

user avatarGiorgi Kostiuk

32 minutes ago

Why MAGACOINFINANCE is Gaining Interest in the Crypto Community

MAGACOINFINANCE draws interest from traders as Bitcoin and Ripple regain their positions.

user avatarGiorgi Kostiuk

34 minutes ago

Seraph in the Darkness Launches Season 3 with $SERAPH Token on Steam

Season 3 of Seraph in the Darkness introduces the $SERAPH token, enhancing the game's economy and player rewards.

user avatarGiorgi Kostiuk

35 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

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.