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- Backpack EU refunds former FTX EU customers and resumes operations in Europe.
- Platform operates under a CySEC-issued MiFID II license, ensuring regulatory compliance.
- Launch of perpetual futures marks a major step for regulated European crypto trading.
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Backpack EU, the new owner of the former FTX EU, is officially relaunching operations in Europe following a settlement with the Cyprus Securities and Exchange Commission (CySEC). The company, operating under the legal entity Trek Labs Europe, aims to offer one of Europe’s first fully regulated crypto derivatives platforms, beginning with perpetual futures. This marks a significant milestone in the recovery and regulatory compliance of FTX EU’s legacy operations.
Settling Past Liabilities and Earning Trust
Before reopening, Backpack EU focused on fulfilling commitments to former FTX EU customers. CEO Armani Ferrante emphasized, “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 company’s proactive settlement and refund initiatives were crucial in rebuilding trust within the European crypto community.
MiFID II License Powers the New Platform
Backpack EU’s perpetual futures launch is backed by its authorization under the Markets in Financial Instruments Directive (MiFID II), granted by CySEC. This license, reissued to Trek Labs Europe in June 2025, followed the company’s settlement with the regulator, which involved a €200,000 fine for possible past regulatory violations linked to FTX. The MiFID II license enables Backpack EU to legally operate as a fully compliant investment firm in Europe, offering sophisticated crypto derivatives to retail and institutional clients.
Also Read: Gary Gensler’s Missing Texts Spark SEC Transparency Concerns Amid FTX Collapse
Looking Ahead: A Regulated Crypto Future
The acquisition of FTX EU in early 2025 and the company’s handling of customer claims since May 2025 set the stage for this new chapter. Backpack EU’s regulated platform aims to combine investor protection with innovative crypto trading products, appealing to European traders seeking security and compliance in a historically volatile market.
Backpack EU’s relaunch signals a pivotal moment for regulated crypto derivatives in Europe. By prioritizing refunds, adhering to MiFID II standards, and launching perpetual futures, the company positions itself as a trustworthy, legally compliant alternative for European crypto investors.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
