Backpack EU to offer crypto derivatives throughout the European Union including perpetual futures where no regulated products currently exist
Backpack Exchange, a fully regulated global cryptocurrency exchange, announced the successful acquisition of FTX EU, the MiFID II-licensed former European arm of FTX. Approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), this acquisition marks a major milestone in Backpack’s global expansion and commitment to delivering secure, regulated trading solutions across Europe.
With the acquisition, Backpack’s new EU arm will offer a full suite of crypto derivatives throughout the European Union including perpetual futures, a market where no regulated crypto derivatives currently exist, as unregulated offshore exchanges have been forced to wind down their unlicensed European operations.
Armani Ferrante, CEO of Backpack Exchange, commented: “As many international exchanges exit the European Union, 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.”
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As part of the acquisition, Backpack EU will undertake responsibility for distributing the previously court-approved FTX bankruptcy claims to FTX EU customers.
Mr. Ferrante further noted, “Customer restitution is a crucial step to rebuild trust and confidence in the industry, and Backpack is committed to returning FTX EU customers’ funds as fast and as safely as possible.”
In addition to compliant product offerings, Backpack EU will provide seamless integration with traditional payment rails including instant, low-cost Single Euro Payments Area (SEPA) payments and wire transfers in major currencies across the region.
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Source – prnewswire
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