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Backpack Exchange Acquires FTX EU

Former FTX and Alameda employees buy back the EU arm of the defunct exchange.
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Jan 7, 2025 • 1 min read

Backpack Exchange, a platform created by former FTX and Alameda employees, has acquired FTX EU.

What’s the Scoop?

  • Acquisition and License Deal: Backpack Exchange acquired FTX EU and its MiFID II license to offer crypto derivatives across the EU. 
  • Client Repayments: The current acquisition deal includes a pledge to repay FTX EU clients who were affected by the collapse. 
  • Wen Launch?: Backpack EU is set to launch in Q1 of 2025 and will include perpetual futures on their platform. 

Bankless Take:

With the scars from the collapse of FTX is still visible, it is awfully surprising to see a buyer for this particular asset. By obtaining a MiFID II license, Backpack Exchange has positioned itself to become a rising competitor in Europe's markets and appears to be leveraging the groundwork laid by FTX EU to further their efforts.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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