Backpack Exchange, a major player in the cryptocurrency industry, announced it has taken over FTX EU, the European branch of the now-defunct FTX Exchange. This acquisition, sanctioned by the FTX bankruptcy court and Cyprus Securities and Exchange Commission (CySEC), signals Backpack Exchange’s ambition to control Europe’s regulated cryptocurrency trading sector. By early 2025, they intend to launch innovative crypto products such as derivatives across the European Union.
Backpack Exchange Buys FTX EU
Backpack Exchange has finalized the purchase of FTX EU with plans to address the void caused by unregulated foreign exchanges departing Europe. As a MiFID II-approved organization, the new Backpack Europe will concentrate on providing transparency and adherence to the region’s underdeveloped cryptocurrency market. Additionally, this acquisition is expected to introduce perpetual futures contracts, representing an important advancement in the EU’s crypto industry.
This acquisition will make it possible for our European customers to use reliable and controlled trading solutions.
By securing a MiFID II license, we’re showing our commitment to upholding stringent regulatory guidelines. This move signifies a major stride towards offering clear, secure, and regulated cryptocurrency trading in the relatively untapped European market.
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2025-01-07 11:55