"Backpack EU will not accept new users until FTX victim asset recovery is complete" [Road Interview in Dubai]

Interview with Armani Ferrante, CEO of Backpack Exchange

Expansion of virtual asset business based on MiCA

Focus on recovering assets for FTX EU victims

Earlier this year, Armani Ferrante, CEO of Backpack Exchange, which gained industry attention by acquiring FTX Europe, was met at TOKEN 2049 Dubai held at Madinat Jumeirah, Dubai.

Armani Ferrante, CEO of Backpack Exchange, believed that the comprehensive regulation MiCA for virtual assets (cryptocurrency) in Europe holds significant meaning for the industry. He said, "I think MiCA is a major advancement for the industry. It provides regulatory clarity and consistency, allowing responsible industry participants and users to engage in the market with confidence, and will serve as the foundation for the future development of the European virtual asset industry."

Thanks to the legal foundation of MiCA, CEO Armani Ferrante was able to decide to acquire FTX EU earlier this year and pursue expansion into the European market.

He said, "Currently, perpetual futures products are not regulated and compliant in the European Union (EU). After the bankruptcy of FTX, major virtual asset derivatives exchanges have withdrawn from Europe or stopped offering futures to European residents," adding, "I think providing regulated perpetual futures products to support European users to participate in the global virtual asset market in a safe and compliant manner is key. The acquisition of FTX EU is one of the important milestones to achieve this."

However, he stated that before fully operating FTX Europe, they would focus on protecting victim assets and facilitating fund withdrawals.

CEO Ferrante said, "Before we commence operations, however, we have also placed it upon us to first help former FTX EU users recover their assets as soon as possible. In fact, we will not serve a single new user or transaction until FTX EU users are able to withdraw their funds. "