Crypto Exchange and Wallet Backpack Acquires FTX’s European Arm for $32,000,000

Backpack Exchange, a crypto trading platform founded by former FTX and Alameda Research employees, is acquiring FTX EU for $32 million.

According to a new announcement from the European-based crypto exchange and wallet Backpack, the exchange has bought out the European arm of FTX.

“Backpack has acquired FTX EU and its MiFID (Markets in Financial Instruments Directive) II License.

Our first priority is to return all customer EURO funds on behalf of the FTX estate, followed by rolling out a full suite of spot, margin, and futures trading products.

Crypto perps trading is coming back to Europe.”

The deal, approved by both the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), paves the way for Backpack’s expansion within the European Union.

FTX EU, which has been under suspension by CySEC since late 2024, is restricted from providing services but has continued processing transactions and returning client funds.

According to Backpack CEO Armani Ferrante, returning FTX EU customer funds will be the exchange’s first priority.

“We’re fully focused on working with all the relevant parties to return customer funds in the EU.

It’s our top priority.

If you have an FTX EU claim, we’ll announce next steps shortly.”

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