Backpack EU Launches Crypto Derivatives Platform After Securing MiFID II License

Highlights:

• Backpack has received MiFID II approval in Cyprus and now offers perpetual futures to traders in Europe.
• Crypto futures with leverage of up to 10x are now available for consumers and institutional clients through the exchange.
• The company will publish daily proof of reserves (POF) to build trust with its customers.

Backpack EU (formerly FTX EU Ltd) has launched its perpetual futures platform in Europe after receiving approval from the Securities and Exchange Commission in the European country of Cyprus. The company, registered as Trek Labs Europe, now operates under the Markets in Financial Instruments Directive, known as MiFID II.

Backpack EU is here 🎒🇪🇺

Today, we're live as one of the first exchanges to offer regulated perpetual futures in Europe.

Private Beta access is limited to 100 spots per day, every day.

Join the waitlist now: https://t.co/qvUDpbsEdQ pic.twitter.com/Xctp2MuZRl

— Backpack 🎒 (@Backpack) September 8, 2025

This announcement comes after Backpack bought FTX EU, the European arm of the former cryptocurrency exchange FTX, earlier this year. That deal gave the company both infrastructure and licensing in a single step. FTX EU had its Cyprus license suspended after the collapse of its parent exchange three years ago. Backpack resolved the issue with CySEC in June 2025 by paying €200,000 for possible violations tied to FTX’s operations.

With its license reinstated, Backpack EU now brands itself as one of the first platforms to provide regulated perpetual futures in Europe. The exchange is looking for retail and institutional traders who are hungry for a compliant trading environment. The new offering allows leveraged access to crypto markets within a regulated structure.

According to Backpack CEO Armani Ferrante, the launch occurred after the company fulfilled its commitment to reimburse former FTX EU consumers. He explained that the new platform represents a step toward restoring trust in the digital asset sector.

Crypto Exchange Backpack EU Launches Under MiFID II License

The global cryptocurrency exchange Backpack EU has just expanded its services to include the European Union, where it operates as a regulated venue for crypto derivatives. More than 40 trading pairs are available on the platform, and the highest leverage is 10x. Both retail and institutional clients can trade perpetual futures with direct access to a regulated market. Ferrante pointed out that there is not much competition in the area.

The acquisition of FTX EU gave the company access to infrastructure and licensing that might have taken years to develop independently. As a part of the deal, Backpack took over customer claims. The company began to repay affected users back in April, honoring promises to care for those affected by FTX’s collapse.

Finally! FTX EU customers are now able to claim their funds via Backpack EU🎒

– As promised weeks ago, @Backpack has officially opened withdrawals for former FTX EU clients, more than two years after the collapse of FTX.

– Over 100,000 users will finally recover their funds… https://t.co/81RYvkDNiP pic.twitter.com/4AEahkYtQM

— CarreNFT 🎒 (@CarreNFT) May 12, 2025

Future Outreach in Asia and Beyond

The crypto exchange will use zero-knowledge proofs to publish the proof of reserves every day. This system enables customers to verify that their money is safe without passing on sensitive information. Ferrante has said that the practice should become standard across the industry and stressed that technology is making this level of transparency possible every day.

The company also leverages the validator attestations to help with its open reporting framework. These efforts try to establish a long-term trust with new and returning users. Backpack EU has processed billions in trading volume globally since last year. The company continues to play an important role in the field of digital asset markets. Backpack now plans to push into Asia, with Japan being the first target market. The firm has already begun to work on getting licenses within the region.