Backpack has acquired FTX EU for $32.7 million, gaining access to over 110,000 former users and inheriting FTX EU’s European regulatory license, enabling the trading of popular perpetual futures. The acquisition was finalized after eight months of regulatory due diligence. Although Backpack faces the challenge of distributing bankruptcy claims, CEO Armani Ferrante believes he can expedite the process for FTX EU users awaiting fund distribution. The deal's substantial advantage lies in FTX's MiFID II license, which is particularly relevant in a European market lacking compliant crypto perpetual futures. The acquisition marks a strategic expansion for Backpack, a company founded by former FTX and Alameda personnel, as they aim to leverage the existing crypto trading infrastructure in Europe. Ferrante emphasized the urgency for FTX EU users to access their funds, underscoring Backpack’s commitment to providing a quicker resolution to their claims. This move positions Backpack in a market where demand for compliant trading services is high, as highlighted by recent developments around other exchanges pursuing similar licenses.

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