- Backpack Exchange has obtained MiFID II authorization for FTX EU.
- SEPA connectivity enables quick, low-cost transactions throughout Europe.
Backpack Exchange, a fully regulated global cryptocurrency platform, has finalized the acquisition of FTX EU, the European subsidiary of the collapsed FTX. The FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC) have approved this acquisition, which will give Backpack a strong foothold in Europe with the prestigious MiFID II authorization.
Since the EU’s Markets in Financial Instruments Directive II issued the MiFID II license, Backpack Exchange must conduct business under more rigid European financial regulation standards.The company should get its license back and begin its operations across Europe in early 2023.
FTX EU in a New Era
As part of expansion, the platform will provide cryptocurrencies with derivatives, and perpetual futures to European users; Backpack will then integrate SEPA payment systems with instant, no-cost transactions by individuals and businesses that are EU members.
Armani Ferrante, CEO of Backpack Exchange, emphasized the company’s commitment to the highest regulatory standards by operating as a MiFID II-licensed entity, particularly as more international exchanges exit the European Union. It’s a giant step toward making safe, secure, and regulated crypto trading accessible to an underserved European market.
This is the biggest move yet in filling up the hole that emerged after the implosion of FTX at the tail end of November 2022 and shocked waves in the crypto sector. Bankruptcy filings later followed this, and Backpack claimed a platform by ceding over exposure to FTT, the native token for FTX.
Its founder, Sam Bankman-Fried, was even charged with fraud and received a 25-year prison sentence. In January 2024, FTX announced that it would instead liquidate its assets rather than reopen. In late 2024, officials approved a reorganization plan designed to return money to creditors, with distributions expected to begin in early 2025.
With over 150 countries under operations and trading volumes crossing $60 billion, Backpack Exchange has proven itself as one of the best companies offering safe and compliant cryptocurrency trading. It does this with a proof toward making accessibility and innovation, not just for the newcomer, but for the sophisticated Web3 trader too.
