Backpack EU Launches after “Fulfilling Promise” to | Crypto Work Pro
Backpack Exchange, which acquired the European unit of the now-collapsed FTX, has launched perpetual futures trading within the European Union “after fulfilling [its] promise to refund former FTX EU customers.”
The Platform Is Still in Beta
The companies stay in Beta, and potential prospects should signal up for the waitlist at Backpack EU.
“We enter into the EU at a time when global regulators are providing clearer compliance frameworks, institutions are embracing crypto, and yet traders lack the regulated venues to meet the moment,” mentioned Armani Ferrante, CEO of Backpack.
“We look forward to welcoming EU users to our platform and serving them in the years to come.”
The exchange lists 40 trading pairs of perpetual futures, every with 10x leverage.
Read more: FTX EU (Now Trek Labs) Paid €200K in Latest CySEC Settlement
Perpetual futures differ from conventional futures contracts in a single key method: they’ve no expiry date. While customary futures decide on a set date, perpetuals could be held indefinitely and as a substitute use a funding fee mechanism—common funds between long and short merchants—to keep costs consistent with the spot market.
This construction, popularised in crypto trading, permits steady hypothesis and leverage with out the need to roll over contracts.
Acquiring the Distressed FTX EU
Backpack EU introduced its acquisition of FTX’s EU unit, which operated beneath a licence from the Cyprus Securities and Exchange Commission (CySEC), in early 2025. Reports valued the deal at $32.7 million.
Following the acquisition, Backpack additionally turned accountable for returning the funds of distressed FTX prospects beneath the EU entity. FinanceMagnates.com reported earlier that the new proprietor started distributing claims to affected FTX EU prospects in early 2025.
The newest announcement additional emphasised that Backpack has been processing FTX EU buyer claims since 2025.
Meanwhile, different main crypto manufacturers have additionally entered Europe to offer perpetuals. Kraken, which obtained a MiFID II licence after buying a Cyprus broker, launched crypto derivatives in May. Coinbase additionally acquired a Cyprus-regulated broker however has but to launch any product beneath its European licence.
This article was written by Arnab Shome at www.financemagnates.com.
Stay up to date with the most recent developments in Crypto! Our web site is your go-to source for cutting-edge crypto information,
