Backpack EU Launches New Business Activities
Backpack EU, which oversees the operations of FTX EU, the once-prominent European branch of the now-defunct cryptocurrency exchange FTX, has announced the commencement of its new business activities. This launch comes on the heels of a successful resolution with the Cyprus Securities and Exchange Commission (CySEC). Registered as Trek Labs Europe, Backpack EU unveiled its plans for a state-of-the-art perpetual futures trading platform in Europe on Monday, according to statements reported by Cointelegraph.
Commitment to Former Customers
Armani Ferrante, the CEO of Backpack, emphasized the company’s commitment to making amends with former FTX EU customers, stating:
“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.”
Acquisition and Regulatory Compliance
This development follows Backpack’s acquisition of FTX EU, which took place in early 2025, along with their assumption of obligations to handle claims from FTX EU customers starting in May 2025.
The launch of the perpetual futures platform is made possible thanks to Backpack EU’s adherence to the Markets in Financial Instruments Directive (MiFID II), a licensing framework granted by CySEC. This licensing was reaffirmed in June 2025 when the regulator issued the MiFID II license to Trek Labs Europe after the company reached a settlement, involving a fine of 200,000 euros (approximately $235,000) for alleged regulatory breaches associated with FTX.
Notably, FTX EU’s investment firm license was suspended by the Cypriot regulator in November 2022 following the collapse of its parent company, FTX, which actively operated on a global scale.
Ongoing Developments
The situation continues to evolve, and additional updates will be provided as more details emerge.
