Backpack EU will be responsible for distributing court-approved FTX bankruptcy claims to FTX EU customers as part of the acquisition.
Backpack, a centralized cryptocurrency exchange (CEX) founded by former Alameda Research and FTX employees, has acquired FTX EU, the former European arm of the defunct FTX exchange.
The acquisition was approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), paving the way for Backpack to expand its footprint in the European Union.
The company’s new European entity will offer a suite of crypto derivative services across the EU, including perpetual futures, the company said in an announcement shared with Cointelegraph on Jan. 7.
