Dubai-based cryptocurrency trading platform Backpack Exchange has acquired FTX EU, the former European arm of the collapsed FTX exchange, for US$32.7 million to bolster its crypto derivatives offerings in the EU.

The acquisition includes managing €53 million euros (around US$55 million) in approved FTX bankruptcy claims for affected FTX EU customers.

Disbursements are planned by February 2025, pending involvement from banks holding these funds.

Approved by the Cyprus Securities and Exchange Commission, the transaction grants Backpack access to FTX EU’s MiFID II license for regulated crypto derivatives trading in Europe.

This deal follows FTX EU’s resale to its original co-founders, Patrick Gruhn and Robin Matzke, during bankruptcy settlements.

Backpack chief executive officer Armani Ferrante emphasized prioritizing customer fund recovery, reflecting a growing focus on regulated crypto derivatives expansion in Europe.