TL;DR:
- Backpack obtained MiCA, MiFID II and PSD2 licenses, securing a unique regulatory advantage in the European crypto market.
- Binance suspended its EU operations after failing to obtain CASP authorization, though it plans to apply for a license in France in the coming months.
- Backpack’s $BP token rose 15% in 24 hours following the announcement. OKX now stands as the largest MiCA-regulated platform in Europe.
Backpack became one of the few crypto platforms to simultaneously hold three European regulatory licenses: MiCA, MiFID II and PSD2. The announcement came at the exact compliance deadline imposed by the European crypto-asset regulatory framework, and at the very moment Binance was forced to temporarily suspend its operations in the region after failing to obtain the corresponding authorization.
The triple accreditation is no minor detail. MiCA regulates crypto-asset service providers and stablecoin issuers across the entire European Union. MiFID II covers investment services, trading venues and investor protection in traditional financial instruments and derivatives. PSD2, for its part, establishes the rules for open banking, third-party access and strong customer authentication.
Backpack EU has secured its MiCA license and Payment Institution license from the Bank of Latvia.
Combined with our MiFID II license, Backpack EU is now tri-licensed across crypto, brokerage, and payments.
This milestone strengthens our ability to serve users across all 27 EU… pic.twitter.com/h8lIJ4cw8d
— Backpack 🎒 (@Backpack) July 1, 2026
Triple Credentials for Backpack
Achieving compliance with all three simultaneously led some industry analysts to compare the feat to the «regulatory equivalent of launching a rocket without blowing up the launchpad». Markets responded: Backpack’s $BP token rose 15% in the past 24 hours following the announcement.
Binance Packs Its Bags and OKX Takes the Lead
Backpack stands to benefit enormously as other companies face serious difficulties. Binance, the world’s largest crypto exchange, failed to obtain authorization as a crypto-asset service provider before the deadline expired. The company withdrew its application from the Hellenic Capital Market Commission, according to its own statements, after «carefully evaluating the situation and timeline» in Greece. According to information from Wu Blockchain citing the Financial Times, Binance plans to submit its application in France and expects to obtain the license within months.
Meanwhile, Changpeng Zhao, founder and former chief executive officer of Binance, described the platform’s exit from Europe as «a loss for Europe», a statement that drew immediate reactions from competitors. Mingxing Xu, known as Star, founder and chief executive officer of OKX, responded that Binance’s inability to ensure regulatory compliance in time «says a lot about the company’s attitude toward the rule of law and financial regulation».
Xu also hinted at an alleged involvement of Binance in the October 10 market crash, during which more than $20 billion in liquidations were recorded within a matter of hours.
With Binance temporarily sidelined from the European market, OKX is now positioned as the largest MiCA-regulated platform in the region, creating a gap that Backpack is also looking to fill with its triple license as a calling card.
