In a recent development, Backpack Exchange has taken over FTX EU. This move is primarily focused on ensuring swift return of customer funds, obtaining a MiFID II license, and broadening cryptocurrency trading opportunities throughout Europe.
Backpacks Exchange recently took over FTX EU and its MiFID II license, a move approved by both the FTX bankruptcy court and the Cyprus Securities and Exchange Commission. This acquisition comes after the European arm of FTX, a once prominent crypto exchange, faced collapse last year. Now, Backpacks Exchange is assuming control over the European division. According to a post on their official X account, the return of crypto perpetual trading in Europe has been announced as well.
As a repeat client, Backpack Exchange prioritizes facilitating EURO funds for the FTX estate. Subsequently, they plan to roll out an extensive selection of trading options such as spot trading, margin trading, and futures trading.
This marked a significant advancement in reestablishing trust within the cryptocurrency sector. Armani Ferrante, head of Backpack Exchange, emphasized the necessity of customer refunds. He stated that ensuring customer funds are secure and swiftly restored is of utmost importance.
In early 2024, I successfully completed a Series A financing round, garnering $120 million. This investment allowed us to secure a MiFID II license, broadening our service offerings throughout the EU. Notably, prior to this, we had already been granted a license from the Dubai Virtual Assets Regulatory Authority.
Backpack Exchange to Provide Consumer Protection Under MiCA Regulation
In simple terms, Backpack Exchange’s latest venture, Backpack EU, is set to offer crypto derivatives beginning Q1 2025. This includes perpetual futures that will be accessible across the EU. Moreover, it aims to facilitate transactions via wire transfer and SEPA for major European currencies, in addition to traditional fiat money.
The EU’s Markets in Crypto-Assets (MiCA) regulation is being enforced during this acquisition, which means that MiCA will establish the norms and rules for providers of virtual assets like exchanges, custodians, and wallet services. This measure aims to safeguard consumers. Notably, Backpack’s decision to become a MiFID II licensed entity underscores their commitment to upholding stringent regulatory standards, as articulated by Armani Ferrante.
The recent elevation of Backpack Exchange is significant given the departure of numerous international exchanges from the EU. In response, they aim to introduce transparent, secure, and regulated cryptocurrency trading within Europe, as mentioned by Ferrante. This importance is amplified due to the expanding EU crypto market’s need for reliable services.
The latest update concerns the prolongation of CySEC’s freeze on FTX EU operations. FTX EU has been prohibited from continuing its activities, yet allowed to reimburse clients. Backpack Exchange assures that it will complete this process swiftly and return funds to FTX EU users at the earliest opportunity.
To put it simply, the purchase of FTX EU by Backpack Exchange signifies a significant move. It underscores their intent to broaden their presence in Europe and adhere to global regulatory standards.
Read More
- SUI PREDICTION. SUI cryptocurrency
- „People who loved Dishonored and Prey are going to feel very at home.” Arkane veteran sparks appetite for new, untitled RPG
- LDO PREDICTION. LDO cryptocurrency
- Destiny 2: A Closer Look at the Proposed In-Game Mailbox System
- Clash Royale Deck Discussion: Strategies and Sentiments from the Community
- Jennifer Love Hewitt Made a Christmas Movie to Help Process Her Grief
- ICP PREDICTION. ICP cryptocurrency
- Naughty Dog’s Intergalactic Was Inspired By Akira And Cowboy Bebop
- Critics Share Concerns Over Suicide Squad’s DLC Choices: Joker, Lawless, and Mrs. Freeze
- EUR IDR PREDICTION
2025-01-09 09:13