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Backpack EU, the proprietor of FTX EU — the previous European branch of the ceased exchange FTX — is initiating operations after reaching an agreement with the Cyprus Securities and Exchange Commission (CySEC).
Backpack EU, registered with CySEC as Trek Labs Europe, declared on Monday the commencement of its perpetual futures platform in Europe, the firm informed Cointelegraph.
“Upon honoring our commitment to reimburse previous FTX EU clients, we embark on our journey to offer one of the first completely regulated crypto derivatives platforms in Europe, beginning with perpetual futures,” stated Backpack CEO Armani Ferrante.
The announcement comes after Backpack’s purchase of FTX EU in early 2025 and Backpack assuming responsibility for managing FTX EU customer claims since May 2025.
Functioning under a MiFID II license
Backpack EU’s initiation of perpetual futures builds upon the company’s authorization under the Markets in Financial Instruments Directive (MiFID II) bestowed by CySEC.
The CySEC reissued the MiFID II license to Trek Labs Europe in June 2025 after the firm settled with the regulator, disbursing a total of 200,000 euros ($235,000) for “potential infringements” of regulations related to FTX.
The Cypriot regulator suspended FTX EU’s Cyprus investment firm (CIF) license in November 2022 following the collapse of its globally operating parent, FTX.
This is an evolving narrative, and additional information will be provided as it becomes accessible.
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