Backpack acquires FTX EU and MiFID II license
Backpack, the company behind cryptocurrency wallet and crypto exchange has announced it has acquired FTX EU and its MiFID II license. Immediately after the announcement, Backpack has promised to return all customer EURO funds on behalf of the FTX estate. This also means cryptocurrency perpetual trading is coming back to world of European Union.
That said, there are still issues to be resolved. For instance, only 100% refunds is being promised compared to 118%. This number was promised by FTX US, so the 18% will be kept by Backpack. The payment will be made in fiat compared to FTX-allowed stable coin.
Even then, this is a huge news as this means FTX EU will be back and its MiFiD II license.
Just look at the 1 month MACD of BTC dominance chart. It is inevitable. https://t.co/KdvrXsyCnq pic.twitter.com/tD4CkreVe9
— Authority Capital (@emphatic) January 7, 2025
This news is out just when both bitcoin and altcoins have started to move. Bitcoin dominance is about to turn bearish which is very bullish for the altcoin market. This means more money would be entering atlcoins and less in bitcoin.
There is no word on the timeline for refunds for the FTX EU customers. But given the fact that they will be receiving money, it is a big, bullish news for cryptocurrency in general.