Backpack Exchange, a centralized cryptocurrency exchange founded by former Alameda Research and FTX employees, has acquired FTX EU, the former European arm of the now-defunct FTX exchange. This acquisition has been approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), allowing Backpack to expand its operations in the European Union. Backpack EU aims to distribute court-approved bankruptcy claims to FTX EU customers and provide a variety of crypto derivative services, including perpetual futures, once it goes live in the first quarter of 2025. CEO Armani Ferrante emphasized the importance of returning funds to FTX EU customers swiftly and safely, stating that restoring customer trust is vital for rebuilding confidence in the industry. Further details about user registration and asset access will be shared through Backpack EU's official support channel as the launch date approaches. This is an ongoing story, and additional updates are anticipated.

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