Backpack EU, the owner of FTX EU — the former European arm of the now 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 the launch of its perpetual futures platform in Europe.
“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 told news outlet Cointelegraph.
The announcement follows Backpack’s acquisition of FTX EU in early 2025 and Backpack’s undertaking responsibility for distributing FTX EU customer claims since May, cointelegraph's report said.
Operating under a MiFID II license
Backpack EU’s launch of perpetual futures builds on the company’s authorisation under the Markets in Financial Instruments Directive (MiFID II) granted by 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 for “possible violations” of regulations linked to FTX, the report continued.
The Cypriot regulator suspended FTX EU’s Cyprus investment firm (CIF) license in November 2022 after the collapse of its global-operating parent, FTX.
Backpack’s FTX EU acquisition story
"The launch of Backpack EU marks a new chapter in the complex history of FTX EU, which was founded in Switzerland in 2020 under the original name Digital Assets AG (DAAG)," Cointelegraph continued, elaborating, "After acquiring DAAG for $323 million, Sam Bankman-Fried’s FTX rebranded the company as FTX EU and officially launched the platform in March 2022. Following FTX’s collapse just months later, several companies, including Coinbase, sought to acquire the business throughout 2022 and 2023."
Eventually, FTX agreed to sell FTX EU back to its founders for $32.7 million in February 2024, who then sold the business to Backpack in early 2025.
Backpack was founded in 2022 by Solana developer Ferrante, who secured $20 million in funding from FTX and Jump Crypto to build its platform, according to the Cointelegraph report.
“A lot of people questioned me and our team for FTX ties,” Ferrante wrote on X on Monday, 8 September, stressing that Backpack unsuccessfully attempted to acquire FTX EU before 2025.
Story time.
— Armani Ferrante (@armaniferrante) September 8, 2025
Over two years ago we attempted Backpack's first fundraise for the exchange.
We had lost most of our money on FTX, and we had to re-invent ourself. With a couple small checks and our personal savings, we bootstrapped the initial exchange team to focus on all the… https://t.co/C2d8fWCXH9
"In addition to moves in the EU, Backpack has been making strides in expanding its global reach, acquiring a virtual asset service provider (VASP) license for exchange services from the Dubai Virtual Assets Regulatory Authority (VARA) in October 2023. In late 2024, Backpack also joined the Japan Virtual Currency Exchange Association as a Type 2 member, which paved the way for entry into the Japanese crypto market," the Cointelegraph report concluded.
