Backpack EU, the company that took over the operations of the former FTX EU, has officially launched its crypto derivatives business in Europe following approval from the Cyprus Securities and Exchange Commission (CySEC). The move marks a significant milestone for the firm, as it positions itself among the first to offer a fully regulated perpetual futures trading platform in the region.
The company, registered with CySEC under the name Trek Labs Europe, confirmed the news on Monday, highlighting the start of its new journey. “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,” said Backpack CEO and founder Armani Ferrante.
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Backpack’s acquisition of FTX EU earlier in 2025 was a key step in this process. Since May, the firm has overseen the repayment of customer claims linked to FTX EU, which collapsed in the aftermath of its parent company’s downfall. With those obligations completed, Backpack EU is now moving forward to reestablish trust and legitimacy in the European market by focusing on regulated crypto derivatives.
Operating under a MiFID II license from CySEC
The launch of perpetual futures by Backpack EU is made possible by its authorization under the Markets in Financial Instruments Directive II (MiFID II), which was reissued to Trek Labs Europe by CySEC earlier this year.
In June 2025, the Cypriot regulator reinstated the license after Backpack settled outstanding issues related to FTX EU’s prior compliance record. The settlement included a payment of €200,000 (approximately $235,000) for “possible violations” linked to the former exchange’s operations.
CySEC had previously suspended FTX EU’s Cyprus investment firm (CIF) license in November 2022 following the high-profile collapse of the global FTX empire. By regaining the license, Backpack EU is now able to operate in full compliance with EU financial regulations, an important prerequisite for offering derivatives such as perpetual futures to European traders.
Source: Backpack
From Digital Assets AG to Backpack EU: the FTX EU acquisition story
The journey of FTX EU, now known as Backpack EU, has been turbulent. Originally founded in Switzerland in 2020 as Digital Assets AG (DAAG), the company specialized in tokenized equities. In 2021, Sam Bankman-Fried’s FTX acquired DAAG for $323 million, rebranding it as FTX EU and formally launching it in March 2022.
However, the collapse of FTX later that year threw FTX EU into disarray. The Cypriot regulator suspended its license, and multiple firms—including Coinbase—considered acquiring the business during 2022 and 2023. Eventually, in February 2024, FTX agreed to sell FTX EU back to its original founders for $32.7 million. The business was then resold to Backpack in early 2025.
Backpack, founded in 2022 by Solana developer Armani Ferrante, had previously raised $20 million in funding from FTX and Jump Crypto to build its own platform. Ferrante acknowledged the challenges posed by those connections. “A lot of people questioned me and our team for FTX ties,” he wrote on X, noting that Backpack had initially attempted—but failed—to acquire FTX EU before 2025.
Expanding beyond Europe: Backpack’s global ambitions
While its European launch is a major milestone, Backpack has been steadily building a global presence. In October 2023, the firm secured a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to offer exchange services in the UAE.
Source: BackPack CEO Armani Ferrante
In Japan, Backpack joined the Japan Virtual Currency Exchange Association as a Type 2 member in late 2024, opening the door to its eventual expansion into the Japanese market. With the latest CySEC approval, Backpack EU is now positioned as a truly international player in the regulated crypto trading space.