Jakarta, Pintu News – Formerly associated with FTX through its ownership of FTX EU, Backpack EU has officially entered the European market with the launch of a cryptocurrency perpetual futures trading platform. This venture signifies a fresh start after resolving prior issues with the Cyprus Securities and Exchange Commission (CySEC) and securing a crucial MiFID II license.
1. The Transformation: From FTX EU to Backpack EU
FTX EU, initially established in Switzerland in 2020 as Digital Assets AG (DAAG), was later acquired by FTX and rebranded in 2022. Following FTX’s global financial difficulties, the entity was repurchased by its original founders in February 2024 for $32.7 million and subsequently acquired by Backpack in early 2025.
This acquisition includes Backpack’s commitment to fulfilling outstanding claims from former FTX EU customers, guaranteeing refunds for affected individuals. Armani Ferrante, Backpack’s CEO, has stated the company’s objective to build one of the most comprehensively regulated cryptocurrency derivatives exchanges in the European region.
2. Securing the MiFID II License and Resolving with CySEC
Backpack EU operates through its subsidiary, Trek Labs Europe, which obtained a MiFID II license from CySEC in June 2025. This followed the payment of a 200,000 euro penalty for past regulatory non-compliance. The license empowers Backpack to offer regulated cryptocurrency derivatives, particularly perpetual futures, while adhering to rigorous security and compliance standards.
3. The Emphasis on Perpetual Futures Trading
Backpack EU’s platform prominently features perpetual futures, which are a type of derivative contract allowing traders to speculate on cryptocurrency prices without a fixed expiry date. This offering presents considerable flexibility for both institutional and individual investors seeking to leverage the inherent volatility of the cryptocurrency market.
4. Expanding Across Global Markets
Beyond its European presence, Backpack is actively pursuing international expansion:
- October 2023: Granted a VASP license by Dubai’s Virtual Assets Regulatory Authority.
- 2024: Became a Type 2 member of the Japan Virtual Currency Exchange Association, facilitating access to the Japanese market.
CEO Ferrante highlighted Backpack’s global aspirations, extending beyond Europe to include Japan and eventually the US, emphasizing a measured, “brick by brick” strategy for international growth.
5. Leadership Insight and Company Origins
Backpack was founded by Ferrante, a developer within the Solana ecosystem, securing $20 million in seed funding from FTX and Jump Crypto. Despite initial scrutiny due to the company’s early ties with FTX, Ferrante stressed the necessity of “difficult but essential” regulatory adherence to establish a secure and compliant platform.
6. Advancing Regulated Crypto Derivatives in Europe
Backpack EU’s emergence illustrates the potential for cryptocurrency firms to recover from the reputational damage and fallout of FTX’s bankruptcy by delivering regulated and transparent derivatives services. The platform serves as an example of how appropriate regulation, compliance protocols, and technological advancement can coexist and complement one another.
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