Backpack Exchange, a cryptocurrency trading platform headquartered in Dubai, has secured the acquisition of FTX EU, the former European division of the now-defunct FTX exchange, for $32.7 million. This move aims to enhance Backpack’s crypto derivatives services across the European Union.
The deal involves overseeing €53 million (approximately $55 million) in approved claims tied to the FTX bankruptcy, ensuring compensation for affected FTX EU customers.
Payments are projected to commence by February 2025, contingent upon cooperation from the banks holding these funds.
With approval from the Cyprus Securities and Exchange Commission (CySEC), this acquisition grants Backpack Exchange access to FTX EU’s MiFID II license, enabling regulated crypto derivatives trading throughout Europe.
The transaction follows the resale of FTX EU to its original co-founders, Patrick Gruhn and Robin Matzke, as part of bankruptcy resolution efforts.
Armani Ferrante, CEO of Backpack Exchange, highlighted the company’s dedication to recovering customer funds, showcasing a broader commitment to expanding regulated crypto derivatives trading across the European market.
