Backpack EU, the owner of FTX EU, the former European arm of the defunct exchange FTX has announced the launch of its perpetual futures platform in Europe. In a post on Monday, the exchange confirmed the development in a blog post on Monday.
It’s worth noting that the launch comes on the heels of Backpack EU’s settlement with the Cyprus Securities and Exchange Commission (CySEC). The exchange is also registered with the Cyprus Securities and Exchange Commission (CySEC) under the name Trek Labs Europe.
This development follows Backpack EU’s involvement with FTX EU, which began in early 2025. Since May, the exchange has taken on the responsibility of managing the distribution of FTX EU customer claims.
Backpack EU successful launch of perpetual futures is built on its authorization under MiFID II, granted by the (CySEC). In June 2025, Trek Labs Europe successfully renewed its MiFID II license after settling with the regulator. The company paid the sum of 200,000 euros ($235,000) to address potential regulatory concerns related to FTX.
Backpack EU CEO reacts to the development
Meanwhile, Armani Ferrante, CEO of Backpack EU commented has on the development in a post on his X page. He emphasized that once Backpack fulfills its commitment to refund former FTX EU customers, it will commence the journey to provide one of the first fully regulated crypto derivatives platforms in Europe, starting with perpetual futures.
According to him, the exchange attempted its first fundraising two years ago. He added that Backpack EU lost most of its funds on FTX, and had to reinvent small checks and personal savings for recovery.
Backpack EU’s predecessor, Digital Assets AG (DAAG), was founded in Switzerland in 2020. Following its acquisition by FTX founder Sam Bankman-Fried for $323 million, the company rebranded as FTX EU. It also began operations in March 2022.
Following Sam Bankman-Fried’s acquisition of FTX EU, the platform faced significant challenges, which led to its collapse. The exchange experienced significant changes in ownership in February 2024 with FTX selling it back to its founder for $32.7 million. This was followed by a sale to Backpack EU in early 2025.
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