Backpack Exchange has acquired FTX EU, the European arm of the now-bankrupt cryptocurrency trading platform, for $32.7 million. FTX EU held a MiFID II license under the Cyprus Securities and Exchange Commission (CySEC). According to Backpack CEO Armani Ferrante, the exchange aims to be the only regulated provider of perpetual futures in Europe, with a MiCA notification already submitted. The launch is expected in the first quarter of 2025. Currently, few firms hold MiFID licenses to provide crypto-asset services under the new Markets in Crypto Assets (MiCA) regime, which could shift the market dynamics in favor of Backpack. Ferrante points out that there are no active players currently offering perpetual contracts in the EU, despite some obtaining limited derivatives licenses. Once customer funds from FTX are returned, Backpack plans to prioritize offering regulated perpetual futures products. A full suite of crypto derivatives is on the horizon, although not all offerings will roll out in Q1 2025.

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