Backpack has officially announced the completion of the acquisition of FTX EU's assets. The acquisition process was finalized following regulatory scrutiny and CySec's approval in December 2024.
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. Moreover, Backpack has not been authorized to distribute any funds to FTX customers, including those who held accounts with FTX EU. FTX stated that the transfer of FTX EU shares to Backpack was not court-approved prior to the official announcement on January 7, 2025.
Backpack’s Response
Backpack has strongly defended its position, stating that the acquisition was conducted in full compliance with 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 all necessary payments to the FTX bankruptcy estate were completed as per the purchase agreement.
Future of Backpack EU
The newly acquired platform, which will operate under the name 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, including perpetual futures, across the European Union. Backpack emphasized its commitment to providing a secure and transparent trading platform for its customers.
The completion of Backpack's acquisition of FTX EU assets marks a new chapter in the cryptocurrency industry in Europe. With CySec's approval, Backpack EU aims to provide a reliable trading platform for European customers.
