A New Exchange Acquires FTX to Operate in the EU

Backpack, a centralized cryptocurrency exchange (CEX) founded by former Alameda Research and FTX employees, has officially acquired FTX EU, the former European arm of the now-defunct FTX exchange.

The deal has been approved by FTX’s bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), paving the way for Backpack to expand its operations in the European Union.

According to the announcement on January 7, Backpack’s new European arm will offer crypto derivatives services across the EU, including perpetual futures.

As part of the agreement, Backpack EU will be responsible for distributing funds to FTX EU clients in accordance with a court-approved compensation process.

Backpack EU is expected to be operational in Q1 2025

Backpack Exchange CEO Armani Ferrante affirmed that the exchange is committed to refunding FTX EU clients as quickly and securely as possible.

Read more: Tether Announces Plan to Transfer $1 Billion USDT

“Customer compensation is an important step in restoring trust and confidence in the industry,” Ferrante emphasized.

Backpack EU is expected to go live in Q1 2025 once its license is reactivated. The exchange will provide more information on how new users can register for a Backpack EU account and how FTX EU customers can access their assets via the official support channel.