Backpack Exchange, a notable entity in the crypto sector, has acquired FTX EU, marking a significant milestone in its global expansion strategy. This acquisition, approved by the FTX bankruptcy court and CySEC, positions Backpack to fill the regulatory void in Europe's crypto market by inheriting FTX EU's MiFID II license. This move ensures compliance with stringent European standards, offering traders secure and regulated options. Backpack plans to introduce features like crypto derivatives, enhancing its appeal to European users.

The acquisition underscores Backpack's commitment to transparency and customer trust, as many platforms withdraw from Europe due to regulatory challenges. CEO Armani Ferrante emphasizes that regulated trading is the future, setting the stage for secure and innovative trading solutions. Backpack EU is set to launch in Q1 2025, aiming to rebuild trust in the crypto industry and manage FTX EU's bankruptcy claims, ensuring fair fund distribution. This strategic move highlights Backpack's resilience and innovation, positioning it as a key player in the European crypto market.