Backpack EU, the European arm of Backpack Exchange, is live and operating out of Cyprus under the European Union’s MiFID II framework. The platform is positioning itself as one of the first fully regulated venues in Europe to offer crypto derivatives, beginning with perpetual futures.
Backpack says the exchange opened with access to more than 40 trading pairs and up to 10x leverage, aiming to provide both retail and institutional traders a compliant gateway to advanced crypto products. CEO Armani Ferrante noted that, in Europe, “it’s just going to be us and Kraken” offering perpetual futures, underscoring the limited number of regulated derivatives venues on the continent.
The launch follows Backpack’s acquisition of FTX EU earlier this year and a subsequent customer claims process that began in April to return funds to former FTX EU users. The company highlights this track record alongside a public transparency effort: Backpack publishes daily validator attestations via its proof-of-reserves system using zero-knowledge proofs.
Since 2024 the group says it has processed more than $160 billion in global trading volume and plans to pursue similar licensing steps in other regions, with Japan cited as a likely next target.
Why this matters: a MiFID II‑regulated derivatives venue offers a clearer compliance path for institutional flows and could help rebuild trust after recent exchange failures. That said, perpetual futures and leverage amplify risk—traders should be aware of liquidation and counterparty risks when using leveraged products.
Source: CoinDesk. Read the original coverage for full details.