The exchange has received approval to bring FTX back to life in Europe
Backpack, a centralized cryptocurrency exchange founded by former employees of Alameda Research and FTX, has acquired FTX EU, the European division of the now-defunct FTX exchange. This acquisition has received approval from both the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), signaling a significant move for Backpack’s operations within the European Union.
We're fully focused on working with all the relevant parties to return customer funds in the EU.
It's our top priority.
If you have an FTX EU claim, we'll announce next steps shortly. https://t.co/Wy2NBbSkRc
— Armani Ferrante (@armaniferrante) January 7, 2025
The newly acquired entity, Backpack EU, plans to offer a variety of crypto derivative products, including perpetual futures, to users across the EU. Additionally, the company has committed to facilitating the distribution of funds to former FTX EU customers as part of the bankruptcy claims process. This effort underscores its pledge to restore trust within the crypto community.
According to Backpack CEO Armani Ferrante, returning funds to affected customers is a top priority. Ferrante emphasized that this step is essential for rebuilding confidence in the broader cryptocurrency ecosystem.
Backpack EU is expected to commence operations in the first quarter of 2025, pending the reactivation of its license. The exchange also plans to release further details regarding new user registrations and asset access for existing FTX EU customers through its support channels.
FTX EU’s history includes several ownership transitions since its initial acquisition by FTX in 2021. After FTX’s collapse in November 2022, the European arm was sold back to its founders in 2024 for $32.7 million, significantly less than the original $323 million purchase price. The acquisition by Backpack represents another chapter in this ongoing evolution.
Backpack itself launched in 2022, initially developing the Backpack Wallet and continuing operations despite significant losses during FTX’s downfall. With the addition of FTX EU, the company is positioned to expand its footprint and revitalize its standing in the competitive cryptocurrency market.
Editor at the Big Blind, is a rising star in gambling journalism with a decade of experience, focusing on clear and accessible communication for a diverse audience.
