Backpack Exchange's European subsidiary, Backpack EU, officially launched its regulated perpetual futures platform in Europe on 8 September 2025. Operating under a MiFID II licence issued by the Cyprus Securities and Exchange Commission (CySEC), the exchange positions itself as one of the first fully regulated crypto derivatives venues in the region. The launch is particularly significant as the platform was built on the acquisition of FTX EU, the European arm of the exchange that collapsed in 2022.
FTX EU was originally founded in Switzerland in 2020 as Digital Assets AG, which Sam Bankman-Fried acquired for $323 million before the CySEC suspended its investment firm licence in November 2022 following FTX's collapse. In February 2024, the FTX bankruptcy estate sold FTX EU back to its founders for $32.7 million, and they subsequently sold the business to Backpack in early 2025. CySEC reissued the MiFID II licence to Backpack EU, registered as Trek Labs Europe, in June 2025 after the company paid a €200,000 (approximately $235,000) settlement for possible violations linked to FTX. The platform currently offers perpetual futures across more than 40 trading pairs with up to 10x leverage, and the company has processed over $160 billion in global trading volume since 2024. According to founder and CEO Armani Ferrante, Backpack fulfilled its promise to refund former FTX EU customers, having initiated the claims process in May 2025.
The launch of Backpack EU signals that Europe, through its MiFID II framework and the forthcoming Markets in Crypto-Assets Regulation (MiCA), is increasingly becoming a hub for regulated crypto trading. The company reinforces transparency through daily proof-of-reserves attestations using zero-knowledge proofs, and plans to expand into Japan next, having already secured a virtual asset service provider licence from the Dubai Virtual Assets Regulatory Authority in October 2023.
Sources:
- https://www.coindesk.com/tech/2025/09/08/backpack-opens-regulated-perpetuals-exchange-in-europe-after-ftx-eu-acquisition
- https://www.financemagnates.com/cryptocurrency/backpack-eu-launches-after-fulfilling-promise-to-refund-ex-ftx-customers/
- https://www.cryptopolitan.com/backpack-eu-opens-regulated-crypto-exchange/
- https://cointelegraph.com/news/backpack-eu-launches-crypto-futures-cysec-mifid
