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FTX EU Acquired by Backpack Exchange, Expands EU Reach
In a significant move, Backpack Exchange has acquired FTX EU, the European subsidiary of FTX exchange which went bankrupt in 2022. This acquisition marks a major expansion for Backpack Exchange into the European market.
As part of the deal, Backpack has secured FTX EU’s MiFID II license, allowing it to operate under stringent regulatory guidelines. The new entity plans to roll out a full suite of spot, margin, and futures trading products, with perpetual futures being reintroduced across Europe. This development comes as a relief to many European crypto enthusiasts who lost trust in the market following FTX’s collapse.
Backpack Exchange was founded by former employees of FTX and Alameda Research, including Can Sun. The acquisition is subject to court approval and regulatory clearance from the Cyprus Securities and Exchange Commission (CySEC), which has been received. The company aims to restore customer trust and return funds to those affected by the bankruptcy, with a commitment to fairness and security.
The implications of this deal are significant for the European market. With FTX’s exit from the EU market, there was a void left unfilled, and Backpack Exchange is well-positioned to fill that gap. By adhering to regulatory guidelines and providing transparent and secure trading services, Backpack aims to establish itself as a trusted player in the region.
The acquisition also signals Backpack’s commitment to rebuilding trust with the European crypto community, which has been shaken by recent events. In a tweet, Backpack Exchange stated its priority is to return all customer EURO funds on behalf of the FTX estate and then roll out a full suite of trading products.
It remains to be seen how this development will impact the broader market and what changes it may bring in terms of regulatory oversight.
Source: www.cryptonewsz.com
