Former FTX EU entity reenters market under MiFID II framework
Backpack EU, the entity that acquired the former FTX EU, has officially launched operations in Europe with a regulated perpetual futures trading platform. The move comes after the company settled compliance issues with the Cyprus Securities and Exchange Commission (CySEC) and secured a MiFID II license, marking a significant step toward regulated crypto derivatives in the region.
Settlement with CySEC
Backpack EU, registered under Trek Labs Europe, reached a settlement with CySEC in mid-2025, paying €200,000 ($235,000) for “possible violations” related to FTX’s previous operations. Following this, CySEC reissued its MiFID II license in June 2025, clearing the way for Backpack to begin its regulated services.
FTX EU’s license had been suspended in November 2022 after the collapse of parent company FTX, leaving European customers in limbo. Backpack EU took over the entity earlier this year and has since overseen the refund of former FTX EU customers, a pledge CEO Armani Ferrante says has now been fulfilled.
Launch of regulated perpetual futures
With its compliance cleared, Backpack EU is now offering perpetual futures trading, one of the first fully regulated platforms of its kind in Europe.
Ferrante emphasized the importance of this milestone, stating:
“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.”
Why it matters
- MiFID II authorization makes Backpack EU one of the rare crypto firms in Europe operating under the same framework as traditional financial institutions.
- The launch strengthens investor protection and market oversight in a sector still rebuilding trust after FTX’s collapse.
- It marks a shift toward regulated crypto derivatives in Europe, a market long dominated by offshore and unregulated platforms.
The success of Backpack EU’s derivatives platform could set a precedent for how regulated digital asset trading develops in Europe. With regulators increasingly tightening oversight of crypto markets, MiFID II-compliant platforms may become the standard for exchanges seeking institutional and retail adoption.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.