Backpack EU Starts Operations with Licensed Crypto Derivatives – EU Regulations Ready to Support!

Updated

September 9, 2025

Gambar Backpack EU Starts Operations with Licensed Crypto Derivatives – EU Regulations Ready to Support!

Jakarta, Pintu News – Backpack EU, the previous owner of FTX EU, has now officially started operations in Europe by launching a perpetual futures platform for cryptocurrencies. This move marks a new beginning following the resolution of regulatory issues with the Cyprus Securities and Exchange Commission (CySEC) and the acquisition of a MiFID II license.

1. From FTX EU to Backpack EU

Backpack EU is here 🎒🇪🇺

Today, we're live as one of the first exchanges to offer regulated perpetual futures in Europe.

Private Beta access is limited to 100 spots per day, every day.

Join the waitlist now: https://t.co/qvUDpbsEdQ pic.twitter.com/Xctp2MuZRl
— Backpack 🎒 (@Backpack) September 8, 2025

FTX EU, originally founded in Switzerland in 2020 under the name Digital Assets AG (DAAG), was acquired by FTX and renamed FTX EU in 2022. Following the global FTX collapse, FTX EU was sold back to its founders in February 2024 for $32.7 million, and was subsequently acquired by Backpack in early 2025.

The acquisition includes Backpack’s responsibility to settle previous FTX EU customer claims, ensuring refunds for affected users. Backpack CEO, Armani Ferrante, emphasized that the company’s goal is to provide one of the most fully regulated crypto derivatives platforms in Europe.

2. MiFID II License and Settlement with CySEC

Backpack EU operates through Trek Labs Europe, which was granted a MiFID II license by CySEC in June 2025 after paying a 200,000 euro fine related to previous regulatory violations. This license allows Backpack to offer regulated crypto derivatives products, including perpetual futures, with strict security and compliance.

3. Focus on Perpetual Futures

Backpack EU’s platform features perpetual futures, which are derivative contracts that allow traders to speculate on cryptocurrency prices indefinitely. This product provides great flexibility for both institutional and retail investors looking to capitalize on the volatility of the crypto market.

4. Global Expansion

Besides Europe, Backpack is also expanding its global reach:

October 2023: Received VASP license from Dubai Virtual Assets Regulatory Authority (VARA).
2024: Join the Japan Virtual Currency Exchange Association as a Type 2 member, opening access to the Japanese market.

CEO Ferrante emphasized Backpack’s ambitions not only in Europe, but also in Japan and eventually back to the US, affirming a “brick by brick” approach to international expansion.

5. Leadership and Company Background

Backpack was founded by Ferrante, a Solana developer, with $20 million in seed funding support from FTX and Jump Crypto. Despite skepticism regarding the initial relationship with FTX, Ferrante emphasized the importance of “difficult but necessary” regulatory measures to build a safe and legal platform.

6. Towards Regulated Crypto Derivatives in Europe

The launch of Backpack EU shows how crypto companies can rise from the reputational crisis and bankruptcy of FTX to offer regulated and transparent derivatives services. The platform serves as an example of how regulation, compliance, and technological innovation can co-exist.

Also Read: 4 Reasons El Salvador Moved IDR11 Trillion in Bitcoin: Protection or Sell Signal?

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