According to Cointelegraph, Backpack EU, registered as Trek Labs Europe with CySEC, announced on Monday the launch of a perpetual contract platform in Europe and shared relevant information with Cointelegraph.
Backpack CEO Armani Ferrante stated, "We have fulfilled our commitment to refund former FTX EU customers and are now officially embarking on the journey to bring one of the first fully compliant crypto derivatives platforms to the European market, with the initial phase focusing on perpetual contract business."
This announcement comes after Backpack's acquisition of FTX EU in early 2025 and the assumption of payment responsibilities for FTX EU customer claims starting in May of the same year.
The platform is based on the MiFID II license granted to the company by CySEC.
According to CySEC, in June 2025, after reaching a settlement with the regulatory authority, the MiFID II license was reissued to Trek Labs Europe. The company paid a total fine of €200,000 (approximately $235,000) to the regulatory authority due to "potential violations" related to FTX.
In November 2022, following the collapse of its global parent company FTX, the Cypriot regulator suspended the Cyprus Investment Firm (CIF) license of FTX EU.
Related: Bitcoin whales sell off the largest amount since mid-2022, with 115,000 BTC offloaded.
Original article: “Backpack EU Approved by Cypriot SEC, Derivatives Platform Officially Launched”
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