#Germany #Crypto Trading #Hanover #Backpack Exchange #FTX EU

Backpack Exchange Expands Its Horizons in Europe

In a significant move for the cryptocurrency landscape in Europe, Backpack Exchange, an established player in the global cryptocurrency exchange market, has announced its acquisition of FTX EU, the former European arm of the now-defunct FTX exchange, which was licensed under MiFID II. This strategic acquisition is not just a milestone for Backpack but signifies a pivotal transition in the regulatory framework surrounding crypto trading in Europe.

A New Chapter in Crypto Trading

The decision to acquire FTX EU comes at a time when many international exchanges are retreating from the European market due to regulatory pressures. In an environment where many trading venues have ceased operations or moved offshore to avoid scrutiny, Backpack Exchange is stepping up to fill a critical gap in the market. CEO Armani Ferrante emphasized the company's commitment to adhering to high regulatory standards. He stated, “As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards.”

Following the acquisition, Backpack intends to offer a comprehensive suite of cryptocurrency derivatives, including products like perpetual futures—an area where regulated options have been largely non-existent. The timing of this offering could not be better, as there is considerable demand among traders in the EU for structured and compliant trading solutions.

Restoration of Trust

A key aspect of this acquisition is Backpack's commitment to managing customer restitution for those affected by FTX’s bankruptcy. The company has pledged to oversee the resolution of previously approved bankruptcy claims for FTX EU customers, an essential step in restoring trust within the cryptocurrency community. “Customer restitution is a crucial step to rebuild trust and confidence in the industry,” said Ferrante. “Backpack is committed to returning FTX EU customers' funds as fast and as safely as possible.”

Such initiatives are crucial in addressing the concerns of the investing public, especially following the upheaval caused by FTX’s collapse. The industry is keenly aware that maintaining investor confidence hinges on transparency and responsiveness during recovery processes.

Seamless Payment Integration

In addition to its product offerings, Backpack EU plans to feature seamless integration with traditional payment methods, which will appeal to a broad range of users. This includes the ability to make quick and low-cost payments across the Single Euro Payments Area (SEPA) as well as wire transfers in various major currencies. This operational framework is not only user-friendly but also aligns with the evolving demands of a diverse client base across Europe.

The transition of the license is currently in progress, with a projected launch date set for the first quarter of 2025. Specific details on sign-ups for new users as well as access for former FTX EU customers are set to be announced shortly, allowing those previously affected to regain control over their assets.

About Backpack Exchange

Backpack Exchange stands out as a fully regulated global cryptocurrency exchange dedicated to creating an innovative and compliant trading platform tailored for both new and experienced web3 users alike. Presently, Backpack serves users from over 150 countries and boasts a robust trading volume exceeding $60 billion. The portfolio of Backpack includes several offerings, among them the Backpack Wallet—a noncustodial solution—and the Mad Lads, a top community for NFTs within the Solana ecosystem.

In summary, as Backpack Exchange gears up for its operational launch in Europe, the acquisition of FTX EU reflects a broader commitment to fostering regulatory compliance, secure trading environments, and enhancing user experience in an evolving digital landscape.