FTX's European arm acquisition by Backpack is in limbo as the US Bankruptcy Court hasn't approved the deal. Backpack had announced it would repay FTX EU creditors, but FTX clarified that no such authorization exists. Backpack's press release was issued without FTX's knowledge. FTX stated that any fund returns to creditors remain its responsibility. Backpack aims to expand in Europe using FTX's MiFID II License but faces hurdles. The reorganization plan for FTX is in effect, with creditors set to receive repayments, starting with smaller claims.