Backpack EU, the proprietor of FTX EU — the previous European arm of the defunct alternate FTX — is launching operations after settling with the Cyprus Securities and Alternate Fee (CySEC).
Backpack EU, registered with the CySEC as Trek Labs Europe, introduced on Monday the launch of its perpetual futures platform in Europe, the corporate advised Cointelegraph.
“After fulfilling our promise to refund former FTX EU prospects, we start our journey to offer one of many first absolutely regulated crypto derivatives platforms in Europe, beginning with perpetual futures,” Backpack CEO Armani Ferrante stated.
The announcement follows Backpack’s acquisition of FTX EU in early 2025 and Backpack enterprise accountability for distributing FTX EU buyer claims since Might 2025.
Working below a MiFID II license
Backpack EU’s launch of perpetual futures builds on the corporate’s authorization below the Markets in Financial Instruments Directive (MiFID II) granted by the CySEC.
The CySEC reissued the MiFID II license to Trek Labs Europe in June 2025 after the corporate settled with the regulator, paying a complete of 200,000 euros ($235,000) for “doable violations” of laws linked to FTX.
The Cypriot regulator suspended FTX EU’s Cyprus funding agency (CIF) license in November 2022 after the collapse of its global-operating parent, FTX.
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