Backpack launches regulated derivatives platform in Europe

Backpack Exchange has officially launched its European subsidiary, Backpack EU. The platform now offers users in Europe access to regulated perpetual futures, fully compliant with the European Union’s MiFID-II framework. Backpack EU, operating from Cyprus and registered as Trek Labs Europe, becomes one of the first fully regulated exchanges in Europe to offer crypto derivatives.

With this launch, Backpack takes a major step in its global strategy to restore trust in the crypto industry. The exchange offers more than 40 trading pairs with up to 10x leverage and targets both retail and institutional traders. The license was granted by the Cyprus Securities and Exchange Commission (CySEC).

Visit the platform here.

From FTX to Backpack: a new chapter

The launch of Backpack EU follows the acquisition of FTX EU earlier this year. After the collapse of FTX, CySEC revoked the original license. In June, the license was reissued to Backpack after a €200,000 settlement for possible violations under the former FTX regime.

In April, Backpack began reimbursing former FTX EU customers, fulfilling its promise to compensate users affected by the previous collapse. CEO Armani Ferrante emphasized the focus on transparency and reliability. The platform publishes daily proof of reserves using zero knowledge proofs, setting a new standard for the industry. Globally, the pressure for regulation and transparency among exchanges continues to grow.

Expansion plans toward Japan

Backpack’s ambitions go beyond Europe. Ferrante shared that the team is now also working on regulatory approval in Japan. The goal is to establish a regulated platform there as well, giving users worldwide access to safe and transparent crypto trading.

Since early 2024, Backpack has processed more than $160 billion in trading volume worldwide. With the European launch as a major milestone, the exchange is positioning itself as a serious player in the regulated crypto derivatives market.