- Backpack EU launches in Europe with over 40 perpetual futures pairs and 10x leverage.
- The exchange settled €200,000 with CySEC to secure its MiFID II license in June 2025.
- Backpack EU began refunding FTX EU customers in April 2025, before its official debut.
Backpack EU, the licensed owner of FTX EU, has launched a regulated perpetual futures exchange in Europe after settling with the Cyprus Securities and Exchange Commission (CySEC). The company, registered as Trek Labs Europe, said the launch followed its acquisition of FTX EU in early 2025 and its fulfillment of commitments to refund customers affected by the collapse of Sam Bankman-Fried’s empire. Operating from Cyprus under the European Union’s MiFID II framework, the exchange begins trading in a private beta limited to 100 spots per day, with over 40 pairs, offering up to 10x leverage.
Regulatory Settlement and License Reinstatement
The CySEC reissued Backpack EU’s MiFID II license in June 2025 after the firm paid €200,000 ($235,000) for possible violations linked to FTX. This settlement cleared regulatory obstacles and allowed Backpack EU to legally operate in Europe. The authorization positioned Backpack as one of the very few exchanges in the region offering regulated perpetual futures, with CEO Armani Ferrante noting, “As far as I’m aware, it’s just going to be us and Kraken.”
The license approval came after Backpack undertook responsibility for distributing FTX EU customer claims starting in May. In April 2025, the firm began refunding former customers, fulfilling its pledge of restitution. Ferrante stated, “After fulfilling our promise to refund former FTX EU customers, we commence our journey to provide one of the first fully regulated crypto derivatives platforms in Europe.”
The exchange operates under strict European guidelines designed to ensure compliance, transparency, and user protection. With MiFID II coverage, Backpack EU integrates into the continent’s growing regulatory framework that governs crypto markets.
From FTX Collapse to Backpack Acquisition
Backpack’s acquisition of FTX EU earlier this year was preceded by complex negotiations. The FTX bankruptcy estate initially said the deal was unauthorized in January 2025, but the dispute was later resolved, enabling Backpack to proceed.
FTX EU itself has a turbulent history. It was originally founded in Switzerland in 2020 as Digital Assets AG before being acquired by FTX for $323 million. Rebranded as FTX EU, the platform launched in March 2022 but became entangled in FTX’s collapse later that year. In February 2024, the exchange was sold back to its original founders for $32.7 million, who subsequently sold it to Backpack in early 2025.
Ferrante, who founded Backpack in 2022 with $20 million in funding from FTX and Jump Crypto, acknowledged skepticism around his company’s links to FTX. On X, he wrote, “A lot of people questioned me and our team for FTX ties,” but emphasized that Backpack had attempted to acquire FTX EU unsuccessfully before 2025.
Related: Backpack Launches Zero-Fee Marketplace for FTX Claims
Building Trust Through Transparency
Backpack EU seeks to set itself apart by prioritizing transparency. Ferrante remarked, “You give trust by doing good things every day over a long period of time. It’s compounded. It takes time to build trust and a single day to lose it.”
Part of the exchange’s strategy includes implementing proof-of-reserves. According to Ferrante, the exchange publishes daily attestations from its validators using zero-knowledge proofs. “It should be the bar. You can do this every day; there’s no reason why you can’t,” he said.
Backpack EU believes this approach creates a trust-first environment for traders. By offering access to over 40 perpetual futures pairs and adhering to transparent practices, the company aims to serve both retail and institutional investors. Its launch signals a shift toward compliance-driven platforms in Europe.
Having gained regulatory consent, old clients reimbursed, and regulation strengthened by evidence-of-reserves, Backpack EU is now a gateway to derivative trading in Europe. Is this shift from legacy failures to regulated platforms an initial step toward a new standard in the global crypto industry?
