Breaking: Backpack Exchange Acquires FTX EU, Expanding Its Reach in Europe’s Crypto Market

Backpack Exchange Acquires FTX EU, Expanding Its Reach in Europe’s Crypto Market

Backpack Exchange, a prominent player in the cryptocurrency industry, has officially acquired FTX EU, the European branch of the now-defunct FTX Exchange. This strategic acquisition, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), signals Backpack Exchange’s intent to cement its presence in Europe’s regulated crypto trading landscape. The platform aims to launch cutting-edge financial products, including crypto derivatives, across the European Union by early 2025.

Strengthening Europe’s Crypto Ecosystem

With the acquisition of FTX EU, Backpack Exchange aims to address the growing demand for regulated and transparent trading options in the European crypto market. Operating under the framework of MiFID II licensing, the newly established Backpack EU is set to fill the void left by unregulated offshore exchanges withdrawing from the region. The company also plans to introduce perpetual futures trading, a move poised to reshape the European crypto sector.

Commitment to Regulation and Innovation

Armani Ferrante, CEO of Backpack Exchange, highlighted the significance of the acquisition for both the platform and the region’s crypto users. He emphasized the company’s dedication to regulatory compliance and innovation, stating:

“As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards. This acquisition is a pivotal step in bringing transparent, secure, and regulated crypto trading to an underserved European market.”

By expanding its services and adhering to stringent regulatory requirements, Backpack Exchange aims to establish itself as a trusted platform for European crypto traders, paving the way for a new era of secure and innovative trading solutions.