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Bybit has announced a temporary suspension of its trading services in India, effective January 12, due to evolving regulatory requirements. Users can still withdraw funds and manage existing positions in Close-Only mode, but cannot open new trades or modify current ones. The exchange is working with Indian regulators to resume operations soon.
Backpack Exchange claims it legally acquired FTX EU, but the FTX estate disputes this, asserting ownership remains with FTX Europe AG. The estate also challenges Backpack's authority to manage creditor repayments, raising concerns among FTX EU customers about the repayment process and the involvement of other entities like Kraken and Bitgo.
Backpack Exchange has claimed ownership of FTX EU after regulatory approval from CySEC, asserting it purchased the assets from co-founders Patrick Gruhn and Robin Matzke. However, the FTX estate disputes this, stating that FTX EU shares remain with FTX Europe AG and that Backpack is unauthorized to manage creditor repayments, causing confusion among former customers regarding fund distribution.
The FTX bankruptcy estate has rejected Backpack's claim of authority to return funds to former FTX EU customers, asserting that Backpack was not authorized by the U.S. Bankruptcy Court. Despite Backpack's acquisition of FTX EU and regulatory approval from CySEC, the estate insists that fund distributions must adhere to the court-approved process, leaving former customers in uncertainty regarding their funds.
FTX has contested the sale of its European subsidiary, FTX EU, to Backpack, a platform founded by former FTX employees, claiming no court approval for the transaction. FTX asserts that the transfer was arranged without its or the court's knowledge and emphasizes that Backpack is not responsible for settling claims related to FTX EU's former customers. In contrast, Backpack's CEO insists the acquisition was legitimate and approved by regulatory authorities, stating that FTX EU's obligations are now managed solely by Backpack.
Backpack Exchange has acquired FTX EU for $32 million, aiming to prioritize the return of customer EURO funds. The deal, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission, will enable Backpack to expand its services in the EU, including spot, margin, and futures trading. CEO Armani Ferrante emphasized the commitment to returning funds to FTX EU customers, with further announcements expected soon.
Backpack Exchange, founded by ex-FTX employees, has acquired FTX EU, ensuring customer claims are handled and regulatory compliance is met. With new licenses, the company plans to launch crypto derivatives in early 2025, aiming to restore trust in the market post-FTX's bankruptcy. The integration of FTX EU is seen as a commitment to better regulation in Europe’s cryptocurrency landscape.
Backpack Exchange has acquired FTX EU for $32.7 million, with approval from Cyprus regulators and the FTX bankruptcy court. The company, founded by former FTX employees, plans to launch in Q1 2025 as Europe’s sole regulated provider of perpetual futures, focusing on returning customer funds owed by FTX EU.
Backpack, a crypto exchange founded by former FTX executives, has acquired FTX EU, gaining access to a MiFID II license under CySEC. This move allows Backpack to offer regulated crypto derivatives in Europe, addressing gaps left by unregulated exchanges while prioritizing customer restitution from FTX EU's bankruptcy. CEO Armani Ferrante emphasized the commitment to regulatory compliance and restoring trust in the industry.
Backpack Exchange has acquired FTX EU, the former European arm of the defunct FTX exchange, with plans to launch Backpack EU in Q1 2025. The acquisition, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission, will enable Backpack to offer crypto derivative services across the EU and manage the distribution of funds to FTX EU customers as part of the bankruptcy claims process. CEO Armani Ferrante emphasized the importance of customer restitution in rebuilding trust in the industry.
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