Backpack EU begins operations with CySEC-approved derivatives platform
Backpack EU, the owner of FTX EU — the former European arm of the defunct exchange FTX — is launching operations after settling with the Cyprus Securities and Exchange Commission (CySEC).
Backpack EU, registered with the CySEC as Trek Labs Europe, announced on Monday the launch of its perpetual futures platform in Europe, the company told Cointelegraph.
“After fulfilling our promise to refund former FTX EU customers, we commence our journey to provide one of the first fully regulated crypto derivatives platforms in Europe, starting with perpetual futures,” Backpack CEO Armani Ferrante said.
The announcement follows Backpack’s acquisition of FTX EU in early 2025 and Backpack undertaking responsibility for distributing FTX EU customer claims since May 2025.
Operating under a MiFID II license
Backpack EU’s launch of perpetual futures builds on the company’s authorization under the Markets in Financial Instruments Directive (MiFID II) granted by the CySEC.
The CySEC reissued the MiFID II license to Trek Labs Europe in June 2025 after the company settled with the regulator, paying a total of 200,000 euros ($235,000) for “possible violations” of regulations linked to FTX.
The Cypriot regulator suspended FTX EU’s Cyprus investment firm (CIF) license in November 2022 after the collapse of its global-operating parent, FTX.
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