Backpack, which announced its acquisition of the European arm of bankrupt exchange FTX on Monday, has not been authorized by FTX to make any distributions to any FTX customers or other creditors, the FTX bankruptcy estate said.

Backpack Exchange, a centralized cryptocurrency platform, has responded to claims made by the FTX Recovery Trust disputing the legality of its acquisition of FTX EU. On Jan. 8, Backpack said it had acquired FTX EU after obtaining regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) in December 2024.

Backpack Exchange claims it acquired FTX EU from insiders Patrick Gruhn and Robin Matzke, but FTX’s US bankruptcy estate disputes ownership.

Backpack acquires FTX EU for $32.7M, gaining CySEC approval to offer regulated perpetual futures in the EU by Q1 2025.

The Acquisition approved by the FTX bankruptcy court and Cyprus Securities and Exchange Commission (CySEC) will allow Backpack Exchange to offer expanded Cryptocurrency products and services in the EU region. This acquisition also transfers FTX EU's bankruptcy claim to Backpack.

The centralized crypto exchange Backpack announced on January 7 that it had successfully acquired the defunct crypto exchange FTX’s European branch, FTX EU. The exchange confirmed that FTX EU, which would become Backpack EU,

Backpack Exchange acquires FTX EU, expanding its global presence and planning to launch regulated crypto trading services in the European Union in Q1 2025.

Tensions may have boiled over between FTX bankruptcy estate and Backpack, a wallet firm and crypto exchange, over FTX EU sale.

Backpack Exchange acquires FTX EU, ensuring regulatory compliance and handling customer claims. This strengthens its European

Backpack Exchange acquires FTX EU, prioritizing customer fund returns, MiFID II license, and expanding crypto trading across Europe.