Backpack Finalizes Acquisition of FTX EU: Court Approval and Regulatory Compliance Achieved

On January 9th, COINOTAG News disclosed significant developments in the cryptocurrency landscape, particularly regarding Backpack and its involvement with FTX EU. Following a court-review incident revealing that FTX’s acquisition in Europe was not sanctioned, it was noted that an agreement was finalized in February 2024 between FTX and former insiders to offload several European assets, which included FTX EU. This transaction received approval from the FTX bankruptcy court in March 2024, culminating in payment settlements to the FTX bankruptcy estate by May 2024.

Subsequent to this, Backpack engaged with insiders to facilitate the acquisition of FTX EU, with formal documentation confirming the completion of the transaction by June 2024 in German court records. As a licensed financial entity, Backpack’s acquisition necessitated regulatory endorsement from the Cyprus Securities and Exchange Commission (CySEC). After an extensive due diligence assessment, CySEC greenlit Backpack’s purchase in December 2024, mandating FTX to transfer shares in line with the court-endorsed sale agreement. FTX EU is set to be rebranded as Backpack EU, tasked with the critical responsibility of managing the reallocations of former client funds.