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Backpack EU, the proprietor of FTX EU — the previous European branch of the defunct exchange FTX — is commencing operations following an agreement with the Cyprus Securities and Exchange Commission (CySEC).
Backpack EU, registered with the CySEC as Trek Labs Europe, proclaimed on Monday the initiation of its perpetual futures platform in Europe, as conveyed to Cointelegraph by the company.
“After honoring our commitment to reimburse prior FTX EU clients, we embark on our mission to offer one of the first fully regulated crypto derivatives platforms in Europe, commencing with perpetual futures,” stated Backpack CEO Armani Ferrante.
The declaration follows Backpack’s takeover of FTX EU in early 2025, with Backpack assuming responsibility for settling FTX EU customer claims since May 2025.
Functioning under a MiFID II license
The launch of perpetual futures by Backpack EU enhances the company’s endorsement under the Markets in Financial Instruments Directive (MiFID II) provided by the CySEC.
The CySEC renewed the MiFID II license to Trek Labs Europe in June 2025 after the firm resolved issues with the regulator, remitting a total of 200,000 euros ($235,000) for “potential infringements” of regulations associated with FTX.
The Cypriot authority halted FTX EU’s Cyprus investment firm (CIF) license in November 2022 following the downfall of its globally operating parent, FTX.
This is an evolving story, and additional details will be included as they become available.
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