Odaily Planet Daily News: Backpack Exchange, founded by former FTX and Alameda employees, has been approved by the Cyprus Securities and Exchange Commission and the FTX Bankruptcy Court to officially acquire FTX EU. Backpack Exchange will be responsible for distributing the bankruptcy claims of FTX EU users previously approved by the court. The exchange was valued at US$120 million in its Series A financing in early 2024 and has obtained Dubai VARA and EU MiFID II licenses. The newly established Backpack EU is scheduled to go online in the first quarter of 2025 and will provide crypto derivatives trading services, support SEPA payments and wire transfers of major European currencies. (The Block)