On January 7, 2025, Backpack, a centralized cryptocurrency exchange founded by former Alameda Research and FTX employees, announced its acquisition of FTX EU, the European arm of the defunct FTX exchange. This acquisition received approval from both the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), enabling Backpack to expand its presence in the European Union.
The new entity, Backpack EU, will offer a range of crypto derivative services, including perpetual futures, and is set to go live in the first quarter of 2025. Additionally, Backpack EU will manage the distribution of funds to FTX EU customers as part of the court-approved bankruptcy claims process. CEO Armani Ferrante emphasized that customer restitution is crucial for rebuilding trust in the cryptocurrency industry.