FTX one’s most famous and second-largest centralized exchanges, has been in trouble since it filed for bankruptcy in late 2022. As per recent information, it has been noted that Backpack Exchange has acquired FTX’s EU subsidiary.
The additional information states that the firm that acquired the FTX subsidiary is founded by a former employee linked with Alameda Research and FTX.
Worth noting that, the acquisition deal has been approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC) opening the way for Backpack Exchange to expand its presence in the European Union serving more and more users worldwide.
The acquired firm will have a range of cryptocurrency derivative services available within the EU, such as perpetual futures. Funds will be disbursed to FTX EU clients by Backpack EU as part of the court-approved bankruptcy claims procedure.
Following the acquisition of FTX EU, Armani Ferrante, CEO of Backpack, said, “While many exchanges are withdrawing from the EU, we have acquired the MiFID II license through the acquisition of FTX EU,” adding, “It is significant that we can provide legally transparent cryptocurrency trading in the EU market within the regulatory framework.”
Armani went on quoting “With this acquisition, we are also responsible for distributing FTX’s bankruptcy claims to FTX EU customers,” and added, “We will do our best to quickly and safely return customers’ funds to restore trust.”
European users will find it simple to deposit and withdraw money because of Backpack EU’s seamless integration with conventional payment methods including wire transfers and SEPA payments. It is anticipated that the platform would go online in 2025’s first quarter. We will shortly provide further information on user registration and fund access for previous FTX EU clients.
Will FTX revive in the coming future?
Since its bankruptcy writing FTX Global has faced dozens of lawsuits, and has also paid a massive amount to the regulators and enforcement agencies to settle some of the cases, however, the founders and co-founders have been facing a jail term for defrauding innocent investors.
Although the future of FTX is unknown, certain recent events might point to a possible resurgence. Sam Bankman-Fried, the company’s founder, was also found guilty of fraud charges pertaining to FTX’s business dealings.
Significant adjustments would probably need to be made to FTX’s management, corporate strategy, and regulatory compliance. It’s currently unknown if FTX will actually make a comeback in the near future.
FTT token price analysis
At the time of writing FTT token was trading at $3.40 with an addition of 5.66 percent, however, it saw a sudden decline of 10.83 percent.
It is worth noting that the market capitalization of FTT reached $1.11 billion with 5.53 percent, and in the past 24 hours the trading volume of FTX token grew $61.55 million with a surge of 64. 40 percent.
Until publishing crypto market capitalization was at $3.57 trillion with a surge of 1.52 percent, and BitClave was trading at $100,875 adding 1.60 percent.
FTX one’s most famous and second-largest centralized exchanges, has been in trouble since it filed for bankruptcy in late 2022. As per recent information, it has been noted that Backpack Exchange has acquired FTX’s EU subsidiary.
The additional information states that the firm that acquired the FTX subsidiary is founded by a former employee linked with Alameda Research and FTX.
Worth noting that, the acquisition deal has been approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC) opening the way for Backpack Exchange to expand its presence in the European Union serving more and more users worldwide.
The acquired firm will have a range of cryptocurrency derivative services available within the EU, such as perpetual futures. Funds will be disbursed to FTX EU clients by Backpack EU as part of the court-approved bankruptcy claims procedure.
Following the acquisition of FTX EU, Armani Ferrante, CEO of Backpack, said, “While many exchanges are withdrawing from the EU, we have acquired the MiFID II license through the acquisition of FTX EU,” adding, “It is significant that we can provide legally transparent cryptocurrency trading in the EU market within the regulatory framework.”
Armani went on quoting “With this acquisition, we are also responsible for distributing FTX’s bankruptcy claims to FTX EU customers,” and added, “We will do our best to quickly and safely return customers’ funds to restore trust.”
European users will find it simple to deposit and withdraw money because of Backpack EU’s seamless integration with conventional payment methods including wire transfers and SEPA payments. It is anticipated that the platform will go online in 2025’s first quarter. We will shortly provide further information on user registration and fund access for previous FTX EU clients.
Will FTX revive in the coming future?
Since its bankruptcy writing FTX Global has faced dozens of lawsuits, and has also paid a massive amount to the regulators and enforcement agencies to settle some of the cases, however, the founders and co-founders have been facing a jail term for defrauding innocent investors.
Although the future of FTX is unknown, certain recent events might point to a possible resurgence. Sam Bankman-Fried, the company’s founder, was also found guilty of fraud charges pertaining to FTX’s business dealings.
Significant adjustments would probably need to be made to FTX’s management, corporate strategy, and regulatory compliance. It’s currently unknown if FTX will actually make a comeback in the near future.
FTT token price analysis
At the time of writing FTT token was trading at $3.40 with an addition of 5.66 percent, however, it saw a sudden decline of 10.83 percent.
It is worth noting that the market capitalization of FTT reached $1.11 billion with 5.53 percent, and in the past 24 hours the trading volume of FTX token grew $61.55 million with a surge of 64. 40 percent.
Until publishing crypto market capitalization was at $3.57 trillion with a surge of 1.52 percent, and BitClave was trading at $100,875 adding 1.60 percent.
