Backpack Exchange, founded by former FTX and Alameda employees, has received approval from the Cyprus Securities and Exchange Commission and the FTX Bankruptcy Court to formally acquire FTX EU. Backpack Exchange will be responsible for distributing the bankruptcy claims of FTX EU users previously approved by the court. The exchange, valued at $120 million in its Series A funding round in early 2024, has been granted Dubai VARA and European Union MiFID II licenses. Scheduled to go live in Quarter 1 in 2025, the newly formed Backpack EU will offer crypto derivatives trading services, support for SEPA payments and telegraphic transfers of major European currencies.