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.
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.
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 is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
KuCoin Rolls Out MiCA-Regulated Crypto Platform Across 29 EU Markets
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
