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 buys MiFID II-authorized FTX EU to broaden its capabilities in Europe, offering secure, regulated crypto trading.

The FTX bankruptcy estate challenged the sale of FTX EU to Backpack, a cryptocurrency exchange founded by former Alameda employees

Backpack Exchange’s claim of acquiring FTX EU faces sharp opposition from the FTX bankruptcy estate. The Dubai based exchange announced a $32.7 million acquisition of FTX EU to boost its derivatives offerings but FTX’s US estate claims ownership of the European unit remains unresolved.

A day after the official acquisition announcement, FTX estate disputes Backpack claims. Backpack claimed to have paid $32.7 million to acquire FTX EU. FTX estate

Backpack Exchange, a crypto trading platform founded by former FTX and Alameda Research employees, has purchased the former European assets of the bankrupted company for $37.7 million. Armani Ferrante,