Revolutionizing Crypto Trading in Europe: Backpack Acquires FTX EU
Backpack, a leading crypto exchange founded by former FTX executives, has made a bold move into the European market by acquiring FTX EU, the European arm of the defunct FTX platform.
European Expansion with Regulatory Compliance
- Backpack gains access to FTX EU’s MiFID II license under CySEC, allowing it to offer compliant crypto derivatives across the EU.
- Addressing gaps left by unregulated offshore exchanges in Europe.
- Meeting the growing demand for secure and regulated crypto trading solutions in the region.
Armani Ferrante, CEO of Backpack Exchange, emphasized the importance of regulatory standards, stating:
“Becoming a MiFID II-licensed entity demonstrates our dedication to bringing transparent, secure, and regulated crypto trading to Europe.”
Backpack EU plans to enhance user experience by integrating traditional payment systems like SEPA transfers and wire payments, offering quick and cost-effective options for users. The launch of EU operations is expected in the first quarter of this year.
Commitment to Customer Restitution
- Resolving outstanding customer claims tied to FTX EU’s bankruptcy.
- Distribution of approved claims to ensure affected customers regain access to their funds efficiently.
- Rebuilding trust and confidence in the industry through timely and safe fund returns.
Despite its ties to FTX, Backpack is forging a new path by prioritizing regulatory compliance and customer trust. The exchange has already expanded to 11 US states, signaling its commitment to growth and innovation in the crypto trading space.
