Cryptocurrency exchange Backpack has issued a statement addressing the controversy surrounding its purchase of FTX EU.

Questions about selling FTX The European Union and the administrator of customer funds have sparked a response from Backpack Exchange, after FTX's statements created some confusion.

The problem seems to exist Conflicting claims About who owns FTX EU and who is involved in paying clients. FTX said that “100% of the share capital of FTX EU is owned by FTX Europe AG, a subsidiary of FTX,” and that the transfer of shares to former insiders Patrick Gruhn and Robin Matzke has not yet taken place. But Backpack says it bought FTX EU from these insiders in a deal approved by Cypriot regulators in December 2024.

Backpack explained its role on January 9 press releaseConfirming that it will pay the money owed to former FTX EU clients. In the press release, the exchange explained that the FTX EU entity was first sold to former insiders in early 2024, a deal that was approved by the FTX bankruptcy court in March 2024 and completed in May of the same year.

These same assets were later acquired by Backpack, with the transfer completing in June 2024. The CySEC Securities and Exchange Commission, CySec, approved the deal in December 2024 after a comprehensive review process.

The exchange has clarified that it will bear full responsibility for repaying former FTX EU clients, not FTX's ownership. “FTX EU will be renamed to Backpack EU and Backpack EU will be solely responsible for redistributing the funds of former FTX EU clients,” the company stated. Backpack plans to launch its European platform, called Backpack EU, in the first quarter. The platform will offer a full range of cryptocurrency derivatives, including perpetual futures, across the EU