Backpack, Built by Former FTX Team, May Launch U.S. Spot Trading and Influence Bitcoin Market Share

• US launch plan: spot trading first, pending money transmitter licenses

• Backpack operates a self-custodial wallet in the U.S. and has expanded trading services in the EU under MiFID II.

• Since 2024 the exchange claims $170 billion in trading volume; daily proof-of-reserves aim to build transparency.

Backpack exchange US launch: pending licenses, spot trading first — learn expected timing and regulatory approach. Read the latest update from COINOTAG.

What is Backpack’s timeline and strategy for a U.S. launch?

Backpack’s exchange plan targets a U.S. debut in 2025 with initial spot trading in several states once required money transmitter licenses are secured. The firm prioritizes rapid market share growth in the U.S., leveraging its existing U.S.-based wallet user base and daily proof-of-reserves to build trust.

How is Backpack positioning itself after FTX’s collapse?

Backpack was founded by former employees of FTX and acquired FTX EU to re-establish trading services in the EU under MiFID II. The company highlights trust minimization—public, frequent proof-of-reserves updates—and privacy-preserving practices as core differentiators shaped by lessons from FTX and Sam Bankman-Fried’s collapse.

Why is the U.S. market a priority for Backpack?

Backpack’s CEO, Armani Ferrante, says the U.S. is their largest and most familiar market. The company already serves U.S. users through its self-custodial wallet and employs more staff in the U.S. than elsewhere, making rapid adoption and market share gains more feasible than in other regions.

What regulatory steps must Backpack complete to operate in the U.S.?

Backpack needs state-level money transmitter licenses and to meet anti-money-laundering and consumer protection requirements. The firm is actively pursuing those licenses while scaling trading operations abroad under established frameworks like MiFID II in the EU.

Frequently Asked Questions

When will Backpack begin spot trading in the U.S.?

Backpack plans to begin spot trading once state money transmitter licenses are approved. Exact timing depends on regulatory processing; company statements indicate a near-term target in 2025 contingent on approvals.

How does Backpack verify customer assets and reserves?

Backpack publishes daily proof-of-reserves updates to verify holdings. This approach provides more frequent transparency than quarterly or annual attestations and is intended to reduce counterparty risk for users.

Key Takeaways

• U.S. launch imminent: Backpack targets a 2025 debut for spot trading after securing licenses.
• Trust and transparency: Daily proof-of-reserves and self-custody are core differentiators.
• Regulatory-first rollout: Start in compliant states, expand services post-approval to scale quickly.

Conclusion

Backpack’s exchange plans place the U.S. at the center of its growth strategy, combining lessons from FTX with robust transparency measures and regulatory compliance. If licenses arrive on schedule, expect a phased U.S. rollout starting with spot trading and rapid market-share targeting. Stay updated via COINOTAG for official announcements.

Published: 2025-09-10 · Updated: 2025-09-10 · Author: COINOTAG