Backpack has introduced a no-fee trading portal designed to facilitate FTX creditor claims, specifically targeting users in geographically restricted jurisdictions. The platform leverages the company’s MiFID II regulatory license acquired through FTX EU to enable compliant payouts while addressing liquidity challenges for creditors.
The portal allows holders of FTX claims worth an estimated $470 million to sell without platform fees, with approximately $380 million in claims already processed. This initiative leverages Backpack’s strategic acquisition of FTX EU, enabling verified payouts to eligible EU-based users despite ongoing legal scrutiny surrounding FTX operations.
Founded by former FTX executives, Backpack utilized the takeover of FTX EU to restructure services and recover from financial impacts, facilitating €53 million in creditor repayments. The marketplace provides critical liquidity access for creditors in regions like China and Russia where traditional financial pathways remain restricted.
This regulatory-backed approach establishes a precedent for cryptocurrency bankruptcy claim resolutions in strictly regulated jurisdictions, offering a compliant alternative to conventional claim trading venues while enhancing market transparency.