TL;DR
- Regulatory Launch: Backpack EU debuts in Cyprus under MiFID II, becoming one of the only platforms in Europe to offer regulated perpetual futures with up to 10x leverage.
- FTX EU Resolution: After resolving acquisition disputes, Backpack began compensating former FTX EU users, aiming to restore trust in the crypto space.
- Transparency Push: Daily zero-knowledge proof attestations reinforce the exchange’s commitment to transparency and industry accountability.
Backpack Exchange has officially launched its European division, Backpack EU, marking a significant milestone in the evolution of regulated crypto derivatives trading. Based in Cyprus and authorized under the EU’s MiFID II regulations, this platform is among the rare fully compliant options in Europe that provide perpetual futures.
This move follows Backpack’s acquisition of FTX EU earlier this year, a deal that initially faced scrutiny but has since been resolved, allowing the company to begin compensating former FTX EU customers.
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
A Regulated Gateway for Derivatives
Backpack EU enters the European market with a clear regulatory advantage. By obtaining a MiFID II license, the exchange places itself next to Kraken as one of the few platforms in the area that provides perpetual futures. CEO Armani Ferrante emphasized the rarity of such offerings in Europe, noting, “As far as I’m aware, it’s just going to be us and Kraken.” The exchange will offer over 40 trading pairs with up to 10x leverage, catering to both retail and institutional traders seeking a compliant route into advanced crypto products.
Resolving the FTX EU Legacy
The launch of Backpack EU follows its acquisition of FTX EU, a transaction initially challenged by the FTX bankruptcy estate as unauthorized. However, the issue was resolved, and by April, Backpack began distributing funds to former FTX EU customers. This restitution effort is part of a broader strategy to rebuild trust in the crypto ecosystem, particularly in the wake of high-profile exchange failures. Ferrante underscored the importance of consistent ethical behavior, stating, “It takes time to build trust and a single day to lose it.”
Proof-of-Reserves and Transparency
Central to Backpack’s trust-building initiative is its proof-of-reserves system. The exchange publishes daily validator attestations using zero-knowledge proofs, a practice Ferrante believes should become standard across the industry. “You can do this every day, there’s no reason why you can’t,” he said. This commitment to transparency is designed to reassure users and set a new benchmark for accountability in crypto trading.
Global Expansion on the Horizon
With over $160 billion in global trading volume processed since 2024, Backpack is now eyeing further expansion. Japan is next on the roadmap, with Ferrante confirming that licensing efforts are already underway. The company’s strategic growth reflects its ambition to become a global leader in regulated crypto derivatives, offering secure and transparent trading environments across key markets.
