Backpack Exchange acquires Cyprus-based FTX EU, plans Q1 2025 launch

07:06 - 08 January 2025

Financial Services

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

The acquisition was approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), paving the way for Backpack to expand its footprint in the European Union.

The company’s new European entity will offer a suite of crypto derivative services across the EU, including perpetual futures, the company said in an announcement shared with the site Cointelegraph on 7 January.

As part of the deal, Backpack EU will take responsibility for distributing funds to FTX EU customers as part of the court-approved bankruptcy claims process.

Backpack EU to go live in Q1 of 2025

The acquisition comes a few months after CySEC extended FTX EU’s suspension by another six months in late 2024. While prohibiting the exchange from offering services, the regulator still allowed FTX EU to complete transactions and return funds to clients.

Armani Ferrante

Backpack Exchange is committed to returning FTX EU customers’ funds as fast and as safely as possible, according to its CEO, Armani Ferrante.

“Customer restitution is a crucial step to rebuild trust and confidence in the industry,” Ferrante added.

After a forthcoming licence re-activation, Backpack EU expects to go live in the first quarter of 2025. The exchange will provide further information on its support channel, such as how new users may sign up and how FTX EU customers can access their assets.

Backpack Exchange acquires Cyprus-based FTX EU, plans Q1 2025 launch

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