Backpack Exchange Acquires FTX EU to Enhance Crypto Trading in Europe
In a significant move for both cryptocurrency enthusiasts and investors, Backpack Exchange has announced its acquisition of FTX EU, the former European branch of the FTX cryptocurrency exchange that was licensed under MiFID II. This acquisition comes after the approval from the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), ensuring that all regulatory stipulations have been met. This transaction is not just another corporate merger; it marks a pivotal moment in Backpack’s journey to expand its operations across Europe, aiming to offer enhanced trading solutions for local users.
The newly formed Backpack EU is set to take the European cryptocurrency market by storm. With the launch planned for the first quarter of 2025, Backpack will introduce a comprehensive suite of crypto derivatives that includes perpetual futures—a type of financial contract that allows traders to speculate on the future price of cryptocurrencies without having to own the underlying asset. Until now, this type of regulated product has been largely unavailable in Europe due to the winding down of numerous unregulated offshore exchanges. Thus, Backpack's entry with compliant offerings represents a major shift toward a more secure trading environment.
Armani Ferrante, the CEO of Backpack Exchange, expressed enthusiasm about the acquisition, highlighting that as international exchanges exit the European continent, Backpack’s dedication to becoming a MiFID II-licensed entity demonstrates a commitment to the highest regulatory standards. Ferrante remarked, "Becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market."
A unique facet of this acquisition is Backpack’s responsibility for distributing previously court-approved bankruptcy claims to FTX EU customers. The commitment to customer restitution underscores Backpack’s goal of rebuilding trust within the cryptocurrency community. Ferrante noted, "Customer restitution is crucial to restore confidence in the industry, and Backpack is committed to returning FTX EU customers' funds as swiftly and securely as possible."
Beyond just trading products, Backpack EU plans to facilitate seamless integration between traditional and cryptocurrency payment systems. This includes the introduction of low-cost Single Euro Payments Area (SEPA) transactions and wire transfers available in major currencies. This integration will significantly simplify the depositing and withdrawing process for users, fostering an environment conducive to trading effectively.
As part of their upcoming launch, Backpack has assured users that they will provide detailed information about the sign-up process for new users as well as guidance for FTX EU customers to access their previously held assets. For anyone interested in exploring these future offerings, additional information will be provided at Backpack EU's official site.
Backpack Exchange envisions creating an innovative, user-friendly trading platform suitable for both seasoned crypto traders and newcomers alike. Currently, Backpack serves users across more than 150 countries and has generated a trading volume exceeding $60 billion. The robust ecosystem also features the popular Backpack Wallet and Mad Lads, which is among the leading NFT communities within the Solana ecosystem.
In conclusion, as Backpack Exchange strengthens its foothold in the European market with the strategic acquisition of FTX EU, the crypto trading landscape in Europe is poised for a significant transformation. With a focus on regulatory compliance, customer satisfaction, and innovative product offerings, Backpack aims to not only facilitate trade but also instill renewed confidence in the cryptocurrency sector.
The newly formed Backpack EU is set to take the European cryptocurrency market by storm. With the launch planned for the first quarter of 2025, Backpack will introduce a comprehensive suite of crypto derivatives that includes perpetual futures—a type of financial contract that allows traders to speculate on the future price of cryptocurrencies without having to own the underlying asset. Until now, this type of regulated product has been largely unavailable in Europe due to the winding down of numerous unregulated offshore exchanges. Thus, Backpack's entry with compliant offerings represents a major shift toward a more secure trading environment.
Armani Ferrante, the CEO of Backpack Exchange, expressed enthusiasm about the acquisition, highlighting that as international exchanges exit the European continent, Backpack’s dedication to becoming a MiFID II-licensed entity demonstrates a commitment to the highest regulatory standards. Ferrante remarked, "Becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market."
A unique facet of this acquisition is Backpack’s responsibility for distributing previously court-approved bankruptcy claims to FTX EU customers. The commitment to customer restitution underscores Backpack’s goal of rebuilding trust within the cryptocurrency community. Ferrante noted, "Customer restitution is crucial to restore confidence in the industry, and Backpack is committed to returning FTX EU customers' funds as swiftly and securely as possible."
Beyond just trading products, Backpack EU plans to facilitate seamless integration between traditional and cryptocurrency payment systems. This includes the introduction of low-cost Single Euro Payments Area (SEPA) transactions and wire transfers available in major currencies. This integration will significantly simplify the depositing and withdrawing process for users, fostering an environment conducive to trading effectively.
As part of their upcoming launch, Backpack has assured users that they will provide detailed information about the sign-up process for new users as well as guidance for FTX EU customers to access their previously held assets. For anyone interested in exploring these future offerings, additional information will be provided at Backpack EU's official site.
Backpack Exchange envisions creating an innovative, user-friendly trading platform suitable for both seasoned crypto traders and newcomers alike. Currently, Backpack serves users across more than 150 countries and has generated a trading volume exceeding $60 billion. The robust ecosystem also features the popular Backpack Wallet and Mad Lads, which is among the leading NFT communities within the Solana ecosystem.
In conclusion, as Backpack Exchange strengthens its foothold in the European market with the strategic acquisition of FTX EU, the crypto trading landscape in Europe is poised for a significant transformation. With a focus on regulatory compliance, customer satisfaction, and innovative product offerings, Backpack aims to not only facilitate trade but also instill renewed confidence in the cryptocurrency sector.
Topics Financial Services & Investing）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.