Backpack Exchange, a crypto trading platform founded by former employees of FTX and Alameda Research, acquires FTX EU for $32 million.
According to a new announcement of the Europe-based crypto exchange and Backpack wallet, the exchange bought the European branch of FTX.
“Backpack acquired FTX EU and its MiFID (Directive on markets in financial instruments) II License.
Our first priority is to return all client Euro funds to the name of FTX Estate, followed by the deployment of a full range of spot, margin and futures trading products.
The crypto-criminal trade is returning 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 suspended by CySEC since late 2024, is not authorized to provide services but has continued to process transactions and return customer funds.
According to Armani Ferrante, CEO of Backpack, returning to FTX EU customer funds will be the first priority of the exchange.
“We are fully focused on working with all relevant parties to return customer funds to the EU.
This is our top priority.
If you have an FTX EU claim, we will announce the next steps shortly.
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