The acquisition of FTX EU by Backpack Exchange, approved by the Cyprus Securities and Exchange Commission (CySEC), represents a crucial step for the relaunch of activities related to cryptocurrencies in Europe.
This development highlights the growing interest in a regulated and secure market, opening new opportunities for investors and users across the continent.
FTX Europa and the path to rehabilitation
FTX EU, the European division of the former cryptocurrency giant FTX, had its operations suspended by the CySEC following the global collapse of FTX in November 2022.
The company, however, has maintained a regulated presence in Cyprus, allowing clients to recover funds through a claims process approved by the bankruptcy court.
The acquisition by Backpack Exchange represents a significant turning point, not only for the users of FTX EU, but also for the entire criptovalute sector in Europe.
This move indeed allows for the integration of a regulated framework with innovative technology and Backpack’s services, providing a solid foundation for the relaunch of operations.
Backpack Exchange, founded by former employees of Alameda Research and FTX, has stood out for its innovative approach to cryptocurrency trading. With this acquisition, the focus shifts to offering regulated derivative instruments, including perpetual futures, to an increasingly sophisticated European user base.
According to Armani Ferrante, CEO of Backpack Exchange, the immediate priority will be to ensure the restitution of funds to FTX EU clients, a fundamental step to rebuild trust in the industry.
The company aims to become operational in the first quarter of 2025, after the reactivation of the license by CySEC. Ferrante stated:
“Our goal is to combine transparency and innovation to create a secure and reliable trading experience for European users.”
A sector in evolution
The history of FTX EU is characterized by a complex journey. Originally known as Digital Assets AG, a Swiss company acquired by FTX in 2021 for 323 million dollars, it was then sold to its founders for 32.7 million dollars in 2024. This acquisition therefore represents another chapter in the attempt to bring stability and innovation to the European cryptocurrency landscape.
With the entry of Backpack, Europe is preparing to become a central hub for regulated crypto derivatives, a sector that is still relatively new but with enormous growth potential.
The combination of local regulation and advanced technological infrastructure could indeed attract both institutional and private investors, contributing to strengthening Europe’s global competitiveness in the bull and bear cryptocurrency sector.
The role of CySEC and the future of the market
The CySEC has played a crucial role in monitoring the acquisition process and ensuring that the operations complied with transparency and security standards.
Its approval not only marks a step forward for Backpack, but also underscores the importance of a solid regulatory framework to foster innovation and protect investors.
Looking to the future, Backpack EU could serve as a model for other platforms that wish to expand their presence in Europe, leveraging the advantage of a highly regulated market.
With the relaunch planned for 2025, the European cryptocurrency sector seems destined to grow, offering new opportunities and challenges for the bull and bear operators in the sector.
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The acquisition of FTX EU by Backpack Exchange marks a key moment for the evolution of cryptocurrencies in Europe.
Thanks to a combined approach of regulation and innovation, this operation could represent a turning point for the entire sector, placing Europe at the center of the global cryptocurrency landscape.
With an ever-expanding user base and sophisticated tools, the future of cryptocurrencies in Europe looks more promising than ever.