The leading crypto platform, Backpack Exchange, said it has acquired FTX EU, the European arm of the defunct FTX Exchange. This acquisition, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), reflects the exchange’s move to dominate Europe’s regulated crypto trading market. Notably, the exchange plans to offer innovative products, including crypto derivatives, across the European Union by early 2025.
Backpack Exchange Buys FTX EU
Backpack Exchange announced that it has completed the acquisition of FTX EU, aiming to fill the gap left by unregulated offshore exchanges exiting Europe. As a MiFID II-licenced entity, the new Backpack EU will focus on transparency and compliance to the region’s underserved crypto sector. Besides, the exchange eyes to bring perpetual futures through this acquisition, marking a significant milestone in the EU’s crypto space.
Backpack CEO Armani Ferrante lauded the acquisition, saying that this move would ensure European users gain access to secure and regulated trading solutions. 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 and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market.”
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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