Backpack Exchange Launches Fully Regulated European Division
Backpack Exchange, a leading global cryptocurrency trading platform, has announced the official launch of its European division, Backpack EU. This new division is based in Cyprus and operates under the regulatory framework of the European Union’s MiFID II. Backpack EU is positioning itself as one of the first fully regulated venues in Europe to offer crypto derivatives, starting with perpetual futures.
According to Armani Ferrante, the CEO of Backpack, the exchange will be one of the few in Europe offering perpetual futures, with only Kraken as a direct competitor. This move comes after Backpack’s acquisition of FTX EU earlier this year, which faced some initial challenges due to unauthorized sale claims. However, the issue has been resolved, and Backpack EU is now up and running, fulfilling its promise to compensate former FTX EU customers affected by the collapse of Sam Bankman-Fried’s crypto empire.
Backpack EU will provide users with access to over 40 trading pairs with up to 10x leverage, catering to both retail and institutional traders. The platform aims to offer a compliant gateway to advanced crypto trading products, rebuilding trust in digital assets after a series of exchange failures.
One of the key strategies employed by Backpack is its proof-of-reserves system. Ferrante emphasized that the exchange publishes its validators’ attestations daily using zero-knowledge proofs, setting a high standard for transparency and security in the industry.
Since its inception in 2024, Backpack has processed over $160 billion in trading volume globally, establishing itself as a prominent player in the cryptocurrency market. The team is now looking to expand its presence in other regions, with Japan being the next target for licensing.
Ferrante expressed the company’s commitment to building trust through consistent good practices, stating, “You give trust by doing good things every day over a long period of time. It takes time to build trust and a single day to lose it.” By focusing on continuous improvement and ethical conduct, Backpack aims to solidify its position as a trusted and reliable cryptocurrency exchange in the global market.