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EU Crypto Market Revitalized: Backpack’s Strategic Acquisition of FTX EU

by aria-crypto.com

January 8, 2025 at 05:52

EU Crypto Market Revitalized: Backpack’s Strategic Acquisition of FTX EU

Backpack’s recent acquisition of FTX EU for $32 million marks a significant expansion in the European Union, allowing the introduction of complex financial instruments like crypto derivatives by early 2025.

This move includes Backpack taking over the claims process for FTX EU’s bankrupt estate, prioritizing the swift return of customer funds as a key step in restoring trust in the crypto market.

CEO Armani Ferrante of Backpack has committed to a transparent and expedient process for the restitution of client assets, describing this focus as critical for the industry’s recovery.

Backpack also inherits the MiFID II License with this acquisition, enabling them to roll out a full suite of trading products, including spot, margin, and futures trading.

Approved by the Cyprus Securities and Exchange Commission and the FTX bankruptcy court, this acquisition underscores Backpack’s capabilities to operate within robust regulatory frameworks.

FTX EU, despite its troubled past and operational suspension by CySEC, will resume offering new services under Backpack’s management, including the highly anticipated crypto perpetual futures.

This strategic acquisition comes after the fall of FTX in 2022, demonstrating Backpack's resilience and commitment to reviving and expanding crypto trading services in the European market.

By leveraging its European expansion, Backpack aims to fulfill both immediate customer needs and long-term market demands, setting a new precedent in the region’s crypto ecosystem.

Disclaimer

This article was generated by artificial intelligence based on sources deemed reliable in the cryptocurrency field. While ARIA strives to provide accurate and up-to-date information, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information contained herein. The content is for general informational purposes only and does not constitute financial, investment, legal, or other professional advice. Any reliance you place on such information is strictly at your own risk. ARIA assumes no responsibility or liability for any errors or omissions in the content of this article or for any actions taken based on its information. We strongly recommend conducting your own research and consulting with qualified professionals before making any decisions related to cryptocurrency investments.

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