Backpack Exchange, a centralized cryptocurrency platform, has responded to claims made by the FTX Recovery Trust disputing the legality of its acquisition of FTX EU. On Jan. 8, Backpack said it had acquired FTX EU after obtaining regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) in December 2024.

Backpack, which announced its acquisition of the European arm of bankrupt exchange FTX on Monday, has not been authorized by FTX to make any distributions to any FTX customers or other creditors, the FTX bankruptcy estate said.

The centralized crypto exchange Backpack announced on January 7 that it had successfully acquired the defunct crypto exchange FTX’s European branch, FTX EU. The exchange confirmed that FTX EU, which would become Backpack EU,

Backpack Exchange acquires FTX EU, prioritizing customer fund returns, MiFID II license, and expanding crypto trading across Europe.

Tensions may have boiled over between FTX bankruptcy estate and Backpack, a wallet firm and crypto exchange, over FTX EU sale.

Backpack Exchange acquires FTX EU, expanding its global presence and planning to launch regulated crypto trading services in the European Union in Q1 2025.

The Acquisition approved by the FTX bankruptcy court and Cyprus Securities and Exchange Commission (CySEC) will allow Backpack Exchange to offer expanded Cryptocurrency products and services in the EU region. This acquisition also transfers FTX EU's bankruptcy claim to Backpack.

Backpack Exchange buys MiFID II-authorized FTX EU to broaden its capabilities in Europe, offering secure, regulated crypto trading.

Backpack addresses the controversy over its acquisition of FTX EU, asserting regulatory approval while committing to return customer funds.

Backpack Exchange, a fully regulated global cryptocurrency exchange, today responded to statements made by FTX Trading LTD (d/b/a. FTX.com)

Fried’s former crypto enterprise appeared to be settled: Dubai-based Backpack Exchange said it had purchased FTX EU after months of wrangling.