FTX EU Finds New Home With Ex-FTX and Alameda Talent

Key Takeaways

• Backpack acquires FTX EU as part of ongoing FTX bankruptcy proceedings.
• Founded by former FTX and Alameda employees, Backpack aims to expand its derivatives offerings in the EU.
• The acquisition positions Backpack as a pioneer in offering regulated perpetual futures in Europe.

Amid FTX’s bankruptcy process, Germany-based Backpack has acquired FTX EU , marking a significant step in the exchange’s expansion across Europe.

The acquisition, which was approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), will allow Backpack to expand its derivatives offerings and become the first crypto exchange to provide regulated perpetual futures in the European market.

Expanding Derivatives in the EU

FTX EU’s acquisition comes as the European Union implements the new Markets in Crypto Assets (MiCA) regulation , which took full effect in December 2024.

MiCA prohibits unregistered or offshore crypto platforms from offering crypto derivatives products, providing a crucial opportunity for regulated platforms like Backpack.

Backpack CEO Armani Ferrante emphasized the importance of the acquisition in a recent statement, describing it as a pivotal step in the exchange’s growth.

“As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards,” Ferrante said.

In addition to expanding its derivatives business, Backpack plans to integrate payment systems within the Single Euro Payments Area (SEPA) , which enables free money transfers across EU countries using a single account.

A New Beginning for FTX EU Under Backpack

Backpack’s acquisition of FTX EU is notable, considering the bankrupt exchange , once valued at $40 billion, had been left in a state of uncertainty.

Backpack, which was founded just months earlier by ex-FTX and Alameda employees , is stepping in to provide a much-needed solution for FTX EU clients.

The company was co-founded by Ferrante, a former early employee at Alameda Research, FTX’s sister trading firm, and Can Sun, who served as general counsel for FTX and provided key testimony during the bankruptcy proceedings.

Since its launch in October 2023, Backpack has grown quickly, securing $17 million in funding from Web 3 venture capital firm Placeholder VC in February 2024.

Among its 40 employees, five have direct ties to FTX.