As a researcher, I’m excited to share that our company, Backpack, is preparing to broaden its footprint in the European Union (EU) cryptocurrency market. This expansion comes on the heels of our acquisition of FTX EU, a move that has received approval from both the Cyprus Securities and Exchange Commission (CySEC) and the FTX bankruptcy court.
With this deal, we are now ready to rebrand the MiFID II-licensed entity as Backpack EU. Our strategic plan is to offer a comprehensive selection of regulated crypto derivatives by the first quarter of 2025.
This development arises at a time when Europe is facing a shortage of regulated service providers in the cryptocurrency derivatives sector. Backpack’s entry, alongside competitors such as Coinbase, Bitstamp, and D2X from the Netherlands, could offer valuable alternatives to unregulated foreign exchanges like Deribit based in Panama, which currently holds a significant market share.
According to CEO Armani Ferrante, adhering to regulatory compliance is crucial in Backpack’s plans. This means that by acquiring a MiFID II license, we show our commitment to upholding the most stringent regulatory norms, given that several international exchanges are leaving the European Union.
As an analyst, I’m excited to share that our new platform, Backpack EU, is designed with a focus on attracting both institutional and retail traders by offering innovative features such as perpetual futures contracts and streamlined fiat-to-crypto payment systems, including SEPA transfers. We understand the importance of security, especially in the crypto market, so we’ve prioritized implementing robust fund management solutions to ensure a secure trading experience. Our platform’s regulated status sets us apart as a safer choice in an industry often perceived as high-risk, making us an appealing option for those seeking more secure investment options.
An essential part of the takeover involves Backpack’s commitment to handle bankruptcy petitions on behalf of previous FTX EU users. Ferrante emphasized that this action is pivotal for rebuilding trust within the sector, promising to process customer refunds “swiftly and securely.
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2025-01-07 12:57