FTX is returning to the European market.

Founded in 2022 by Solana developer Armani Ferrante, Backpack Exchange managed to survive despite losing 88% of its company funds during the collapse of FTX. The company aims to offer comprehensive crypto derivative services, including futures contracts, in the European market by acquiring FTX EU.

A New Era Begins for FTX EU with Regulatory Approval

Backpack EU plans to commence operations in the first quarter of 2025. CEO Armani Ferrante is demonstrating a firm stance on the security and return of customer funds. The distribution of court-approved bankruptcy claims for FTX EU customers is emerging as a top priority.

The acquisition was finalized during a period when CySEC extended the suspension of FTX EU for another six months. While the regulatory body prohibited the exchange from offering new services, it allowed the completion of existing transactions and the return of customer funds.

FTX EU is a continuation of Swiss Digital Assets AG (DAAG), which was acquired for $323 million in 2021. Although major players like Coinbase attempted to acquire the company in 2022 and 2023, they were unsuccessful. FTX returned the company to its founders for $32.7 million in 2024.