Backpack Response: FTX EU's transfer has been approved by a U.S. court and CySec regulation for 2024

BlockBeats News, January 9th, according to official sources, Backpack officials responded to the "FTX EU Acquisition Case Not Approved by Court" by stating that in February 2024 FTX reached an agreement with certain former insiders to sell multiple European assets including FTX EU. The agreement received approval from the FTX bankruptcy court in March 2024 and was completed in May 2024. Payment was made to the FTX bankruptcy estate in accordance with the purchase terms.

Subsequently, Backpack purchased FTX EU after contacting insiders, and the transaction has also been completed and recorded in official German court documents since June 2024. As a licensed entity, the transfer of the FTX EU entity requires regulatory approval from CySec (Cyprus Securities and Exchange Commission). In December 2024, after a lengthy due diligence process, CySec approved Backpack's acquisition. Upon approval, FTX is obligated to transfer shares in accordance with the court-approved sale and purchase agreement.

FTX EU will be renamed Backpack EU and will be fully responsible for redistributing funds to former FTX EU clients.