Backpack Acquires FTX EU…"Expanding Crypto Trading to Europe"

Global cryptocurrency exchange Backpack Exchange announced on the 7th (local time) that it has successfully acquired FTX's European Union (EU) branch, FTX EU.

FTX EU, acquired by Backpack, holds a 'MiFID II license' under the EU's Markets in Financial Instruments Directive II. Based on this, Backpack plans to provide safe and regulated trading solutions across Europe. Currently, Backpack aims to complete the reactivation of the MiFID II license and offer services within Europe by the first quarter of this year.

Backpack will also offer a portfolio of cryptocurrency derivatives, including perpetual futures contracts, across the EU. Additionally, it plans to integrate and support payment systems within the Single Euro Payment Area (SEPA). SEPA refers to EU countries where individuals or businesses can freely transfer funds with a single account.

Armani Ferrante, CEO of Backpack, stated, "While many exchanges are withdrawing from the EU, we have acquired the MiFID II license through the acquisition of FTX EU," adding, "It is significant that we can provide legally transparent cryptocurrency trading in the EU market within the regulatory framework."

He continued, "With this acquisition, we are also responsible for distributing FTX's bankruptcy claims to FTX EU customers," and added, "We will do our best to quickly and safely return customers' funds to restore trust."

Meanwhile, Backpack records over $60 billion in trading volume across more than 150 countries and regions. Last year, it successfully completed a Series A investment round worth $17 million, with participation from Hashed.