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Backpack EU will be responsible for distributing court-approved FTX bankruptcy claims to FTX EU customers as part of the acquisition.
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Backpack, a centralized cryptocurrency exchange (CEX) founded by former Alameda Research and FTX employees, has acquired FTX EU, the former European arm of the defunct FTX exchange.
The acquisition was approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), paving the way for Backpack to expand its footprint in the European Union.
The company’s new European entity will offer a suite of crypto derivative services across the EU, including perpetual futures, the company said in an announcement shared with Cointelegraph on Jan. 7.
As part of the deal, Backpack EU will take responsibility for distributing funds to FTX EU customers as part of the court-approved bankruptcy claims process.
Backpack EU to go live in Q1 of 2025
Backpack Exchange is committed to returning FTX EU customers’ funds as fast and as safely as possible, its CEO Armani Ferrante said.
“Customer restitution is a crucial step to rebuild trust and confidence in the industry,” Ferrante added.
Following an upcoming license re-activation, Backpack EU expects to go live in the first quarter of 2025. The exchange will provide further information as to how new users may sign up for Backpack EU and how FTX EU customers will be able to access their assets on its official support channel.
This is a developing story, and further information will be added as it becomes available.
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This article first appeared at Cointelegraph.com News
