- Backpack EU launched a regulated perpetual futures trading platform in Europe.
- The exchange began operations after settling with regulators in Cyprus.
- Backpack EU operates with CySEC’s MiFID II license
Backpack EU, the owner of the former FTX EU, which was the European arm of the defunct FTX cryptocurrency exchange, is launching a regulated perpetual futures trading platform in Europe. According to reports, Backpack embarked on the latest move after settling with regulators in Cyprus and securing the MiFID II license.
A new phase for Backpack EU
It is worth noting that Backpack is registered with the Cyprus Securities and Exchange Commission (CySEC) with the company name Trek Labs Europe. In a recent announcement, the firm noted that it has fulfilled its promise and refunded former FTX EU customers who were victims of the Sam Bankman-Fried-run crypto exchange a few years ago.
Related: FTX EU Fund Claims: Backpack Finally Opens Euro Withdrawals
In the meantime, Backpack noted that launching the perpetual futures trading platform introduces a new era for the crypto exchange. According to the company’s CEO, Armani Ferrante, Backpack has commenced its journey toward providing one of the first fully regulated crypto derivatives platforms in Europe.
Backpack has closed the FTX chapter
Backpack acquired FTX EU earlier this year and undertook the responsibility for distributing the crypto exchange’s customer claims since May 2025. Upon settling with CySEC in June 2025, the regulator granted Trek Labs Europe the Markets in Financial Instruments Directive (MiFID II) license. The settlement involved Trek Labs Europe paying a total of 200,000 euros as a penalty for “possible violations” linked to FTX.
Related: Backpack Acquires FTX EU, Crypto Derivatives Launch by Q1 2025
It is crucial to note that CySEC suspended the license it initially issued to FTX EU’s Cyprus Investment Firm (CIF) in 2022, following the collapse of the parent company FTX. The infamous collapse of FTX led to the prosecution and sentencing of the exchange’s founder, Sam Bankman-Fried.
A US court sentenced Bankman-Fried to a 25-year jail term for financial fraud in March 2024. The former FTX CEO is currently serving his sentence in a federal correctional center, while reportedly working on an appeal.
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