According to FTX, Backpack is indirectly acquiring the Cypriot unit from former FTX employees who still do not own the division.
Backpack also lacks authorisation to distribute funds to stressed FTX customers.
Fallen crypto exchange FTX EU has a new owner, but the license remains suspended.
The bankrupt cryptocurrency exchange FTX clarified today (Thursday) that Backpack's “purported” acquisition of its Cyprus division had not been approved by the court, nor had Backpack been authorized to distribute funds to FTX customers.
Further, the press release stated, “The Backpack Press Release was issued without the knowledge or involvement of FTX,” and “a related website established by Backpack contains numerous potentially confusing statements regarding FTX EU, FTX, and the U.S. bankruptcy process.”
Confusion or Deliberate Misrepresentation?
FTX Debtors have already approved the acquisition of FTX EU by former insiders of that unit. However, the potential deal has not yet been approved by the court. These former insiders apparently agreed to sell ownership of FTX EU, which they do not legally own yet, to Backpack.
Armani Ferrante, CEO of Backpack Exchange
According to Coindesk, Backpack paid—or, as it now appears, only agreed to pay—$32.7 million to acquire FTX EU. The Cyprus unit of FTX holds a Cyprus Investment Firm (CIF) license, and any entity acquiring it can offer derivatives instruments across the European Economic Area (EEA).
In its press release, Backpack mentioned plans to introduce crypto derivatives and perpetual futures to the European market under the Cyprus license. It was planning to launch these regulated services in Europe in Q1 2025. However, the Cyprus Securities and Exchange Commission (CySEC) extended the suspension of the FTX EU license until 30 May 2025.
Loading...
- Futures. - Spot-margin. - Borrow lend. - Cross collateral. - Cross margin. - Auto lend. - Auto realize. - Yield on collateral. - Yield on unrealized pnl. - Yield on everything.
Finance Magnates recently reported that Coinbase gained a similar MiFID II license by acquiring the Cyprus unit of BUX. However, the crypto exchange has yet to announce its plans for that license.
No Approval Yet
Although Backpack previously claimed that the acquisition had received approval from the bankruptcy court and CySEC, the latest clarification from FTX stated: “The U.S. Bankruptcy Court did not approve the acquisition of FTX EU by Backpack.”
Additionally, Backpack assumed responsibility for settling FTX bankruptcy claims from previous platform clients. However, FTX has now clarified that Backpack has not been authorized to handle any creditor repayments.
“FTX has not reviewed or approved a website established by Backpack regarding asset recovery for former FTX EU customers, nor reviewed or approved any other communications by Backpack,” the latest press release added.
“FTX expressly disclaims any responsibility for the accuracy or completeness of any information contained in Backpack's press release, website, or other communications released by Backpack, including with respect to the statements by Backpack highlighted above,” the company explained.
Interestingly, Backpack received $20 million in funding from FTX and Jump Crypto after it was founded in 2022 by Solana developer Armani Ferrante and Tristan Yver, a former FTX employee. The exchange even lost $14.5 million, or 88% of its operating funds, following the FTX collapse.
Meanwhile, FTX administrators recently confirmed they will start distributing funds to investors who incurred losses through partner crypto firms, including Kraken and BitGo. The court has already approved the distribution plan.
The bankrupt cryptocurrency exchange FTX clarified today (Thursday) that Backpack's “purported” acquisition of its Cyprus division had not been approved by the court, nor had Backpack been authorized to distribute funds to FTX customers.
Further, the press release stated, “The Backpack Press Release was issued without the knowledge or involvement of FTX,” and “a related website established by Backpack contains numerous potentially confusing statements regarding FTX EU, FTX, and the U.S. bankruptcy process.”
Confusion or Deliberate Misrepresentation?
FTX Debtors have already approved the acquisition of FTX EU by former insiders of that unit. However, the potential deal has not yet been approved by the court. These former insiders apparently agreed to sell ownership of FTX EU, which they do not legally own yet, to Backpack.
Armani Ferrante, CEO of Backpack Exchange
According to Coindesk, Backpack paid—or, as it now appears, only agreed to pay—$32.7 million to acquire FTX EU. The Cyprus unit of FTX holds a Cyprus Investment Firm (CIF) license, and any entity acquiring it can offer derivatives instruments across the European Economic Area (EEA).
In its press release, Backpack mentioned plans to introduce crypto derivatives and perpetual futures to the European market under the Cyprus license. It was planning to launch these regulated services in Europe in Q1 2025. However, the Cyprus Securities and Exchange Commission (CySEC) extended the suspension of the FTX EU license until 30 May 2025.
Loading...
- Futures. - Spot-margin. - Borrow lend. - Cross collateral. - Cross margin. - Auto lend. - Auto realize. - Yield on collateral. - Yield on unrealized pnl. - Yield on everything.
Finance Magnates recently reported that Coinbase gained a similar MiFID II license by acquiring the Cyprus unit of BUX. However, the crypto exchange has yet to announce its plans for that license.
No Approval Yet
Although Backpack previously claimed that the acquisition had received approval from the bankruptcy court and CySEC, the latest clarification from FTX stated: “The U.S. Bankruptcy Court did not approve the acquisition of FTX EU by Backpack.”
Additionally, Backpack assumed responsibility for settling FTX bankruptcy claims from previous platform clients. However, FTX has now clarified that Backpack has not been authorized to handle any creditor repayments.
“FTX has not reviewed or approved a website established by Backpack regarding asset recovery for former FTX EU customers, nor reviewed or approved any other communications by Backpack,” the latest press release added.
“FTX expressly disclaims any responsibility for the accuracy or completeness of any information contained in Backpack's press release, website, or other communications released by Backpack, including with respect to the statements by Backpack highlighted above,” the company explained.
Interestingly, Backpack received $20 million in funding from FTX and Jump Crypto after it was founded in 2022 by Solana developer Armani Ferrante and Tristan Yver, a former FTX employee. The exchange even lost $14.5 million, or 88% of its operating funds, following the FTX collapse.
Meanwhile, FTX administrators recently confirmed they will start distributing funds to investors who incurred losses through partner crypto firms, including Kraken and BitGo. The court has already approved the distribution plan.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
Virtu Financial Ireland Gets MiCA Approval and CASP License for EU Crypto Services
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Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
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As crypto and CFD trading continue to expand across Africa, access to advanced tools and market insights remains uneven. This session explores how AI and blockchain can bridge that gap by empowering informal traders and underserved communities to participate more effectively in digital financial markets. The discussion will focus on practical applications of technology to improve accessibility, education, and investment outcomes in both formal and informal sectors.
In this discussion, we will explore:
-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
As crypto and CFD trading continue to expand across Africa, access to advanced tools and market insights remains uneven. This session explores how AI and blockchain can bridge that gap by empowering informal traders and underserved communities to participate more effectively in digital financial markets. The discussion will focus on practical applications of technology to improve accessibility, education, and investment outcomes in both formal and informal sectors.
In this discussion, we will explore:
-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
As crypto and CFD trading continue to expand across Africa, access to advanced tools and market insights remains uneven. This session explores how AI and blockchain can bridge that gap by empowering informal traders and underserved communities to participate more effectively in digital financial markets. The discussion will focus on practical applications of technology to improve accessibility, education, and investment outcomes in both formal and informal sectors.
In this discussion, we will explore:
-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
As crypto and CFD trading continue to expand across Africa, access to advanced tools and market insights remains uneven. This session explores how AI and blockchain can bridge that gap by empowering informal traders and underserved communities to participate more effectively in digital financial markets. The discussion will focus on practical applications of technology to improve accessibility, education, and investment outcomes in both formal and informal sectors.
In this discussion, we will explore:
-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
As crypto and CFD trading continue to expand across Africa, access to advanced tools and market insights remains uneven. This session explores how AI and blockchain can bridge that gap by empowering informal traders and underserved communities to participate more effectively in digital financial markets. The discussion will focus on practical applications of technology to improve accessibility, education, and investment outcomes in both formal and informal sectors.
In this discussion, we will explore:
-The role of AI in democratizing access to trading tools, insights, and strategy development
-How crypto and blockchain can enable broader participation beyond traditional financial systems
-Addressing access barriers: infrastructure, education, and affordability in underserved communities
-Opportunities for brokers and platforms to tap into the informal trading economy
