Backpack Exchange successfully acquired the bankrupt FTX European entity for $32.7 million, planning to expand its derivatives business in Europe. This acquisition not only marks Backpack's further layout in the crypto market but also means that FTX EU customers will receive approximately €53 million in bankruptcy claim distributions. 🎉

Headquartered in Dubai, Backpack has received approval from the Cyprus Securities and Exchange Commission and the FTX bankruptcy court, and is expected to launch Backpack EU in the first quarter of 2025, offering cryptocurrency derivatives trading services. The exchange reached a valuation of $120 million in early 2024 and holds Dubai VARA and EU MiFID II licenses. 🔍

This acquisition paves the way for Backpack's expansion in the European market while also bringing new hope to FTX EU users. 🌍