Press release relay. The year 2024 of the crypto-stock market Backpack Exchange will have been crowned with success, including a fundraising of 17 million dollars in February. And the year 2025 promises to be just as busy, with this month of January l’acquisition of the European branch of FTXto develop its trading services on the Old Continent.
- Backpack Exchange begins 2025 with the acquisition of the European branch of FTX (FTX EU) to develop its trading services in Europe.
- This acquisition allows Backpack EU to offer regulated crypto derivatives products, a first in a European market lacking such offers.
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Backpack Exchange buys FTX EU to offer crypto derivatives products
The ecosystem of Backpack does not only include the crypto-stock market Backpack Exchange. It is also Backpack Walletan unhosted wallet (non-custodial wallet), et Food Ladsone of the main communities NFT of the ecosystem Solana (SOL) available from this affiliate link.
This Tuesday, January 7, 2025, the exchange teams announce the acquisition of FTX EU. This former European branch of the exchange FTX in fact holds a licence MiFID II (for financial instrument markets) which will allow Backpack EU to offer trading services to residents of the European Union.
“Through this acquisition, the new Backpack EU entity will offer a full range of crypto derivatives products across the EU, a market where no regulated crypto derivatives products are currently available, while unregulated offshore platforms have had to cease their unlicensed activities within the European Union. »
Extract from the Backpack Exchange press release
The new crypto exchange will ensure “seamless integration” of the traditional banking system
According to the platform's press release, the process of reactivation of this MIFID II license is in progress. A process that follows the approval of the acquisition of FTX EU by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC).
The new Backpack EU entity, created for the occasion, also promises “a seamless integration with the traditional payment methods », such as bank transfers based on the SEPA system.
“As many international crypto-asset trading platforms leave the European Union, becoming a MiFID II approved entity demonstrates our commitment to upholding the highest regulatory standards, and is an important step in offering transparent crypto-asset trading , secure and regulated in a previously neglected European market. »
Armani Ferrante, PDG de Backpack Exchange
Important thing to note for former clients harmed by Sam Bankman-Fried (founder of the defunct FTX group), it is Backpack EU which will take care of the reimbursements due. The press release specifies that the new entity “is committed to returning the funds of FTX EU customers as quickly and safely as possible “. The latter are waiting to review (part of) their assets since the group's bankruptcy in November 2022.
