Backpack Exchange Takes Over FTX EU to Enter European Crypto Market

Backpack Exchange has acquired FTX EU, the European branch of the collapsed FTX exchange. The acquisition, approved by both the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), offers a fresh start for the exchange and fills a gap in the European crypto market.

A New Era for Regulated Crypto Trading in Europe

As other global exchanges pull out of the region, Backpack steps in with a commitment to regulation and security. By securing MiFID II licensing, the exchange will offer reliable trading options, including cryptocurrency derivatives like perpetual futures. 

The company’s entry into Europe is not just about offering products but ensuring traders can trust the platform’s safety and compliance. This marks a shift toward bringing secure, licensed derivatives to a market in need of trustworthy options.

Restoring Trust and Expanding the Backpack Ecosystem

One of Backpack Exchange’s main goals is to restore trust, especially among former FTX EU customers. The exchange will oversee the distribution of bankruptcy claims to users, ensuring a secure and swift return of funds. 

With over $60 billion in trading volume and a user base across 150 countries, Backpack is becoming a leading force in crypto. Founded by former FTX and Alameda Research employees, Backpack is positioning itself for even greater success.

Backpack Exchange plans to expand its ecosystem further. The non-custodial wallet, trading platform, and NFT community, Mad Lads, show the company’s dedication to providing diverse solutions.