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Cryptocurrency exchange announces purchase of FTX’s European branch
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Cryptocurrency trading platform Backpack said that acquired FTX EUthe European arm of the now-defunct FTX. According to the company, the acquisition received approval from FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), where FTX EU is headquartered.
According to BackPack’s announcement, the acquisition is part of the company’s plans to lead Europe’s regulated cryptocurrency market.
The exchange plans to offer innovative products, including cryptocurrency derivatives, across the European Union by early 2025. In this regard, it aims to reactivate FTX EU (now as a division of Backpack) by the first quarter of the year.
Meanwhile, FTX’s bankruptcy has already begun to repayment payments to your creditors. Operations began on January 3, according to the schedule defined by the company in 2024.
Backpack buys FTX EU
Backpack Exchange announced that it has completed the acquisition of FTX EU with the aim of fill the gap left by unregulated offshore exchanges that are leaving Europe. With the regulatory agreement, the famous MiCA, coming into force from January 1st, this is a trend that should occur in the coming months.
Instead of leaving European territory, the Backpack has become a MiFID II licensed entity and created a new division, Backpack EU. According to the company, the new unit will focus on transparency and compliance with the cryptocurrency sector in the European Union.
Furthermore, the exchange aims to bring perpetual futures through this acquisition, a function that contributed to the company choosing FTX EU.
Backpack EU plans to activate its license and start operations in the first quarter of 2025. When this happens, FTX EU will disappear under the new brand name. However, the platform has committed to refunding FTX EU customers, who will be able to recover their assets through official channels.
The fate of FTX EU was different from FTX global, as the exchange tried to resume its activities but was unsuccessful. In view of this, FTX reported that it will close its activities after making all payments to creditors.
In parallel with the purchase, FTX global continues its journey to payment of US$ 16 billion in debts owed to creditors. The amount corresponds to debts acquired by the company, as well as the reimbursement of customers who had their funds arrested after the platform’s collapse just over two years ago.
Cryptocurrency exchange announces purchase of FTX’s European branch
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Cryptocurrency exchange announces purchase of FTX’s European branch
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Cryptocurrency exchange announces purchase of FTX’s European branch
