FTX EU was sold for $32.7 million in exchange for the backpacks of former FTX employees
Key receivers
Backpack exchange acquires FTX EU for $32.7 million with regulatory approval from Cyprus and FTX bankruptcy court. Launched in Q1 2025, Backpack aims to become Europe's only regulated perpetual futures provider using its MiFID II licence.
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The backpacker exchange, founded by former FTX and Alameda Research employees, acquired FTX EU for $32.7 million in a deal approved by Cyprus regulators and FTX's bankruptcy court.
The acquisition includes a commitment to distribute funds owed to FTX EU customers in bankruptcy claims proceedings.
We are fully focused on working with the relevant authorities to recover customer funds in the EU. It's our priority,” said Armani Ferrante, CEO of Backpack.
The company plans to launch its European operations in the first quarter of 2025, offering continuous futures and other crypto derivative products.
FTX EU, formerly Digital Assets AG, was previously acquired by FTX in 2021 for $323 million before FTX's bankruptcy in 2022.
Backpack Exchange aims to establish itself as the only regulated provider of perpetual futures using MiFID II authorization and pending MiCA announcement.
Ferrante said competitors such as Coinbase and Bitstamp have obtained licenses but have yet to launch permanent futures trading in the EU.
In the year Founded in 2022 by Ferrante, the well-known Solana developer, Backpack started as a non-holstery backpack before expanding into derivatives trading.
Despite losing operating funds during the FTX collapse last year, the company raised $17 million in funding.
Backpack EU plans to introduce a full suite of crypto trading products, with some launches expected later in 2025.
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