Backpack Exchange Acquires FTX EU… Plans to Launch in Q1

Backpack, a centralized cryptocurrency exchange (CEX) founded by Alameda Research and former FTX employees, is a European branch of FTX.
On the 7th (local time), it was reported that Backpack EU had acquired FTX.
The acquisition was announced by the Cyprus Securities and Exchange Commission (CySE) and the FTX Bankruptcy Court.
Backpack's new European branch will offer a range of cryptocurrency derivatives services, including perpetual futures, across the European Union.
The acquisition comes just months after the Cyprus Securities and Exchange Commission extended its suspension of FTX EU by six months to the end of 2024. At the time, the regulator said the exchange was unable to continue its services.
The company banned the exchange from offering cryptocurrency, but allowed customers to return funds and complete transactions.
"Our goal is to return FTX EU customer funds as quickly and safely as possible," Ferrante said in a statement, adding, "Compensating customers will help restore trust and confidence in the industry."
"This is an important step towards making the blockchain a more scalable and secure way to serve our customers," he said. After the license reinstatement is complete, Backpack EU plans to launch services in the first quarter of 2025. The exchange will also begin accepting new users.
The company said it plans to provide information through its support channels on how to register and how FTX EU clients can access their assets.