Quick Breakdown
- Backpack EU, operating as Trek Labs Europe, has launched a perpetual futures platform in Europe.
- The company refunded all former FTX EU customers before relaunching.
- CySEC reinstated its MiFID II license after a €200,000 settlement for past violations.
Backpack steps in after acquiring FTX EU and settling with Cypriot regulator
Backpack EU, the new operator of FTX’s former European arm, has officially launched its trading services in Europe after resolving regulatory hurdles with the Cyprus Securities and Exchange Commission (CySEC).
On Monday, the company confirmed the rollout of its perpetual futures platform across Europe. Backpack EU operates under the legal entity Trek Labs Europe, registered with CySEC.
Backpack EU is here 🎒🇪🇺
Today, we\’re live as one of the first exchanges to offer regulated perpetual futures in Europe.
Private Beta access is limited to 100 spots per day, every day.
Join the waitlist now: https://t.co/qvUDpbsEdQ pic.twitter.com/Xctp2MuZRl
— Backpack 🎒 (@Backpack) September 8, 2025
CEO Armani Ferrante emphasized that the launch comes after honoring a key commitment: refunding all former FTX EU customers.
“We had lost most of our money on FTX, and we had to re-invent ourself. With a couple small checks and our personal savings, we bootstrapped the initial exchange team to focus on all the hard things regulated companies have to do–not just engineering, but finance, accounting, compliance, customer support, and importantly, the entire licensing process for our first anchor license in Dubai,”
Ferrante said.
Regulatory Approval Under MiFID II
The move follows Backpack’s acquisition of FTX EU earlier in 2025 and its handling of customer claims since May. The CySEC reinstated Trek Labs Europe’s Markets in Financial Instruments Directive (MiFID II) license in June 2025, clearing the way for operations.
Backpack rolled out a dedicated portal to help FTX creditors sell their debt claims directly to institutional buyers. The launch was announced on July 18 via Backpack’s Chinese X account, positioning the initiative as a “non-profit, neutral” solution for those still reeling from FTX’s dramatic collapse in 2022.
To secure the license, Backpack EU settled outstanding issues with the regulator, paying €200,000 ($235,000) in penalties for potential compliance lapses tied to the FTX fallout.
Legacy of FTX EU
CySEC initially suspended FTX EU’s Cyprus Investment Firm (CIF) license in November 2022, shortly after the collapse of its global parent company FTX. The revival of its operations under Backpack EU marks one of the first cases of a regulated crypto derivatives platform re-emerging from the ruins of FTX in Europe.
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