Nikolas Sargeant
Backpack EU has officially launched its perpetual futures trading platform in Europe after successfully settling regulatory matters with the Cyprus Securities and Exchange Commission (CySEC). The company, registered as Trek Labs Europe, announced Monday that it now operates under a reissued MiFID II license, making it one of the first fully regulated crypto derivatives platforms in the European market.
The launch comes after Backpack's acquisition of FTX EU, the former European arm of the collapsed FTX exchange, in early 2025. CEO Armani Ferrante emphasized that the company has fulfilled its commitment to refund former FTX EU customers before beginning operations. The regulatory approval followed a €200,000 settlement with CySEC for potential violations linked to the previous FTX operations.
FTX EU's journey has been complex since its founding in Switzerland in 2020 as Digital Assets AG. After Sam Bankman-Fried's FTX acquired the company for $323 million and rebranded it as FTX EU in 2022, the platform's license was suspended following FTX's global collapse. The business eventually returned to its founders for $32.7 million before being sold to Backpack.
Backpack, founded in 2022 by Solana developer Armani Ferrante with $20 million in funding, is expanding its global presence beyond Europe. The company has already secured licenses in Dubai and joined Japan's Virtual Currency Exchange Association, with plans to eventually enter the U.S. market. Ferrante noted that while the regulatory path has been challenging, the company remains committed to building compliant infrastructure in key markets worldwide.
Beyond regulatory expansion, Backpack has been actively growing its ecosystem through strategic blockchain integrations. The platform recently added support for Sei Network, a high-speed Layer 1 blockchain designed for digital assets, bringing native USDC support and new trading opportunities. The exchange also integrated Sui blockchain support, allowing users to access top Sui projects like Suilend and NAVI Protocol through the Backpack wallet. These additions complement Backpack's existing support for Solana and Ethereum, positioning it as a multi-chain platform. The acquisition of FTX EU represents part of Backpack's broader strategy to establish itself as a leading regulated crypto exchange across multiple jurisdictions while prioritizing customer restitution and regulatory compliance.
