TLDR
-
Backpack EU has officially launched as a regulated crypto derivatives platform in Europe.
-
The exchange is licensed under MiFID II and supervised by the Cyprus Securities and Exchange Commission.
-
Backpack EU offers over 40 trading pairs and allows up to 10x leverage for both retail and institutional users.
-
The platform is one of the first in Europe to offer perpetual futures alongside Kraken.
-
Backpack EU was established through the acquisition of FTX EU which has since been resolved with the bankruptcy estate.
Backpack EU has officially launched its crypto derivatives exchange under Cyprus’s CySEC regulation. The new platform operates under the EU’s MiFID II framework and offers leveraged trading products. It also marks Backpack’s move to rebuild trust in digital assets across global markets.
Backpack EU Secures MiFID II Approval
Backpack EU now operates as a licensed trading venue for crypto derivatives in the European Union. The platform received authorization under MiFID II via the Cyprus Securities and Exchange Commission. It positions itself as one of the few fully compliant exchanges offering perpetual futures in the region.
The exchange begins with over 40 crypto trading pairs and allows up to 10x leverage for users. Both retail and institutional traders can now access crypto derivatives through a regulated platform. Backpack EU aims to provide a secure and transparent environment for advanced crypto trading.
CEO Armani Ferrante said,
“As far as I’m aware, it’s just going to be us and Kraken” offering such products in Europe.
He confirmed the exchange’s ambition to set a new benchmark in regulated derivatives trading. The launch comes amid rising demand for compliant crypto platforms in the European market.
Acquisition of FTX EU Strengthens Market Entry
Backpack EU entered the market by acquiring FTX EU earlier this year. This move enabled Backpack EU to secure infrastructure and licensing in a single transaction. Despite early disputes, the FTX bankruptcy estate later confirmed the issue was resolved.
Following the acquisition, Backpack EU started processing fund returns to former FTX EU customers in April. This step fulfilled its pledge to support users impacted by FTX’s collapse. It was also part of a broader plan to re-establish credibility in the trading ecosystem.
Backpack EU has since focused on compliance and operational efficiency to meet regulatory standards. The platform maintains transparency through technology-based safeguards. It continues to build a solid foundation as it scales its user base across the continent.
Daily Proof-of-Reserves and Global Expansion Plans
Backpack EU publishes daily proof-of-reserves using zero-knowledge proofs to confirm user fund security. The team says this ensures transparency and reliability for all stakeholders and should become a standard in the crypto space.
Ferrante stated, “It should be the bar. You can do this every day, there’s no reason why you can’t.”
Backpack EU uses validator attestations as part of its open reporting system. This process builds ongoing trust with both new and returning users.
Since 2024, Backpack EU has contributed to over $160 billion in global trading volume. The company also plans to expand operations into Asia, with Japan identified as a key target. Regulatory licensing work is already underway in the region.
