Backpack Exchange has acquired FTX EU, and Backpack EU is expected to launch in the first quarter

ChainCatcher news, FTX's European branch FTX EU has been acquired by Backpack Exchange for $32.7 million. FTX EU previously held a MiFID II license issued by the Cyprus Securities and Exchange Commission (CySEC).

The company's new European entity will offer a range of crypto derivatives services across the EU, including perpetual futures. As part of the deal, Backpack EU will be responsible for distributing funds to FTX EU customers according to the court-approved bankruptcy claims process.

After reactivating the license, Backpack EU is expected to go live in the first quarter of 2025.