Backpack EU, the new owner of FTX EU, has started operations in Europe with a regulated derivatives platform.
The launch follows the company’s settlement with the Cyprus Securities and Exchange Commission (CySEC) and the reissuance of its MiFID II license.
Backpack EU is registered in Cyprus as Trek Labs Europe. The CySEC suspended FTX EU’s Cyprus Investment Firm (CIF) license in November 2022 after the collapse of its parent company, FTX. The suspension left former customers in Europe without regulated services.
In early 2025, Backpack EU completed the acquisition of FTX EU. Since May 2025, the firm has managed the process of distributing customer claims for users who were impacted by the collapse.
This settlement with former clients was completed before restarting regulated activities.
CySEC Settlement and MiFID II License Reissue
The CySEC reissued the MiFID II license to Trek Labs Europe in June 2025. This decision came after Backpack EU paid a €200,000 fine (about $235,000) for “possible violations” related to the earlier activities of FTX EU.
The MiFID II license allows Backpack EU to legally operate as an investment firm in Cyprus.
This regulatory framework governs firms providing financial instruments and derivatives across the European Union.
The reauthorization enabled Backpack EU to restore operations that had been suspended since 2022.
By obtaining this license, the company now provides regulated crypto derivatives services in Europe, beginning with perpetual futures.
Launch of Regulated Perpetual Futures
Backpack EU officially launched its perpetual futures platform in Europe after securing CySEC approval.
Perpetual futures are a type of crypto derivatives contract without an expiry date.
They allow investors to trade cryptocurrency prices continuously under regulated conditions.
Backpack CEO Armani Ferrante commented on the launch:
“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.”
The focus on regulated derivatives places Backpack EU among the first entities in Europe to operate under MiFID II rules with perpetual futures trading.
This makes the platform part of the official regulated framework in the European financial system.
From FTX Collapse to Backpack EU Relaunch
The collapse of FTX in November 2022 led to the suspension of licenses for its subsidiaries, including FTX EU.
Customers across Europe faced uncertainty as regulators moved to secure financial systems.
Backpack EU’s acquisition of FTX EU in early 2025 marked the start of a transition. The firm took responsibility for settling customer claims and worked with CySEC to resolve compliance issues.
After paying fines and completing regulatory steps, the company gained clearance to operate under the MiFID II license.
With the derivatives platform now live, Backpack EU has reentered the European market under strict regulatory oversight.
The launch of perpetual futures represents its first offering under CySEC’s supervision.
Editor at Kriptoworld
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: August 4, 2025 • 🔄 Last updated: August 4, 2025
