- Backpack Exchange has purchased FTX EU for $32.7 million, gaining a suspended MiFID II license.
- Plans include introducing perpetual futures and crypto derivatives in Q1 2025.
- The license remains suspended by CySEC until May 30, 2025.
Backpack Exchange’s acquisition of FTX EU marks a pivotal move in the European cryptocurrency market. By securing the MiFID II license—currently suspended—the company aims to position itself as the sole regulated provider of perpetual futures across the EU.
This step aligns with Backpack’s broader strategy to capitalize on Europe’s regulatory shift under the MiCA framework, ensuring transparent and compliant crypto operations.
FTX EU’s Future: Backpack’s Vision to Revolutionize European Crypto Trading
Despite the bold plans, challenges remain. The CySEC suspension of FTX EU’s license delays the relaunch until at least Q2 2025. However, Backpack’s CEO, Armani Ferrante, views this as a stepping stone rather than a roadblock, expressing confidence in delivering regulated crypto derivatives that address a growing market gap in Europe.
However, the journey won’t be straightforward. FTX EU’s license has been suspended since the collapse of its parent company, FTX, and CySEC has extended the suspension until May 30, 2025. This regulatory challenge underscores the complexities of operating in a compliance-driven European crypto market.
Backpack aims to launch its European operations by Q1 2025, despite the suspension. CEO Armani Ferrante has highlighted the firm’s MiCA notification, showing dedication to transparency and trust in an industry plagued by past controversies.
With competition from established players like Coinbase and Bitstamp, Backpack’s strategy to focus on perpetual futures may distinguish it as a market leader. Its founders’ history of contributions to the Solana ecosystem further bolsters confidence in its innovative capabilities.
Backpack’s acquisition of FTX EU symbolizes a new chapter for regulated crypto trading in Europe, demonstrating how compliance and innovation can reshape the industry.
“As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards,” said Armani Ferrante, CEO of Backpack Exchange.
