Backpack expands as regulated perpetuals exchange in Europe FTX EU acquisition

Bitcoin derivatives trading platform Backpack EU has officially launched its regulated crypto derivatives platform in Europe. The move follows months of preparation, regulatory approvals, and the company’s acquisition of FTX EU, the European arm of the collapsed crypto exchange FTX, earlier this year.

The platform allows users to trade perpetual futures on a fully licensed exchange, making it one of the first of its kind in the region. Backpack EU currently supports perpetuals across more than 40 trading pairs, offering leverage of up to 10x. The company says this is just the beginning, with additional products and trading pairs planned for the future.

Founder and CEO Armani Ferrante said the launch is a significant milestone for the business. The team had already delivered on its promise to refund former FTX EU customers, and it was time for them to work on their new path: building a regulatory-compliant trading venue.

Ferrante said it was the beginning of a new era for the company and crypto in Europe, adding that the platform aims to provide Europeans with a safer and more transparent alternative.

The launch comes at a time when global regulators are increasingly tightening rules around digital asset trading, particularly derivatives and leveraged products.

Backpack builds on regulatory approval and customer refunds

Operating under the brand name Trek Labs Europe, Backpack EU is regulated under the MiFID II license. It was reissued by the Cyprus Securities and Exchange Commission (CySEC) in June 2025.

This license had been suspended in late 2022 when FTX collapsed, which led to FTX EU shutting down. To reinstate its approval, Backpack paid a settlement with CySEC of €200,000 (approximately $235,000).

The payment ended the regulator’s investigation into “possible violations” related to the former FTX operations. Backpack EU will be technically licensed to provide derivatives and other investment products throughout the EU.

The company assumed responsibility for refunding the former customers of FTX EU earlier this year. The company initiated a claims process in May 2025 and checked identities for payouts. By midsummer, customers began to get their refund checks, which helped build confidence before the new exchange went live.

Backpack opens new chapter for Europe’s crypto market

The arrival of Backpack EU is one more sign that Europe is becoming a hub for regulated crypto trading. As the U.S. and parts of Asia grapple with unclear rules and enforcement battles, the European Union has set up clearer guardrails through its MiFID II framework and the forthcoming Markets in Crypto-Assets Regulation (MiCA).

This degree of regulation certainty allows companies like Backpack to conduct business legally in several EU countries.

Perpetual futures are still among the most traded products in crypto, enabling traders to bet on the direction of prices with leverage. Backpack seeks to marry high-volume products with compliance safety by offering these contracts with strict supervision.

Backpack’s leaders have said that the lessons of the wreckage of FTX loomed large in their thinking. Instead of using it as an excuse to grow unchecked at all costs or arbitrage its existence from an offshore refuge beyond regulation, the company aims to show that crypto exchanges can be conducted transparently, held accountable, and gain full regulation.

This focus could also restore faith in an industry already tarnished by well-publicized blunders. Regained license, customer payouts made, trading operational, Backpack EU is determined to become a trading platform. It’s being marketed as a “trust-first” gateway for crypto derivatives in Europe, a region that may emerge as the global model for regulated digital-asset markets.

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