FTX’s European company, FTX EU, has been sold to another cryptocurrency exchange platform, Backpack EU, after the business went bankrupt just over two years ago, both reported in a statement. The acquisition has closed for $32.7 million. One of the key aspects of the transaction is that, with the transfer, the buyer will be the one to return all the money that those affected lost for the collapse of the firm was Sam Bankman-Fried.
The operation has been approved by the relevant regulators, the US court that oversees bankruptcy and the Cyprus Securities and Exchange Commission (CySEC), the statement details. The purchase has been announced in the midst of regulatory change in Europe, since the European regulation of crypto assets (Markets in Crypto Assets, MyCA) has already come into force in its entirety. So, Backpack has acquired FTX EU and its MiFID II license. The process to reactivate this authorization is underway and approval is expected to be given in the first quarter of 2025.
Backpack plans are offer derivatives with cryptocurrencies, since they explain that there is no regulated market of this type. Among the products they detail that they will launch are perpetual futures. Precisely, the entry into force of European regulations has forced the activity of those regulators who did not have the corresponding license to stop.
On the other hand, this cryptocurrency exchange platform will return lost funds to all clients affected by FTX’s bankruptcy, based on claims that have been approved during the bankruptcy process. “Refunding customers is a crucial step in restoring confidence in the industry and Backpack is committed to returning customer funds as quickly and safely as possible,” says the buyer’s CEO, Armani Ferrante. .
More than two years after the collapse of FTX, those affected still have to collect the part that will be returned to them. In this specific case, it was agreed that not only the creditors would receive what was lent, but an agreement was reached for the clients to recover part of what was lost, despite not having priority in payment priority.
One of the aspects that has greatly benefited FTX is the rally of crypto assets. The bankrupt company has significantly increased the value of its assets, thereby expanding the amount available to return. Recently, the election of Donald Trump for his second term as president of the United States has led bitcoin to break all-time highs and the $100,000 barrier.
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