Backpack EU perpetual futures platform launched in Europe after Trek Labs Europe (Backpack EU) settled with CySEC and received a reissued MiFID II license; the regulated venue opens with perpetual futures trading and follows reimbursement of former FTX EU customers.
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Regulated launch: Backpack EU begins regulated perpetual futures trading under a CySEC‑reissued MiFID II license.
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Company settled regulatory issues with CySEC and refunded former FTX EU customers before launch.
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CySEC imposed a €200,000 settlement; Backpack acquired FTX EU and will operate as Trek Labs Europe across Europe.
Backpack EU perpetual futures platform launches under MiFID II after CySEC settlement; read details on refunds, regulatory status, and what traders need to know.
Backpack EU, owner of the former FTX EU, launches a regulated perpetual futures platform in Europe after settling with the Cyprus regulator and securing a MiFID II license.
What is the Backpack EU perpetual futures platform?
Backpack EU perpetual futures platform is a regulated European crypto derivatives venue opened by Trek Labs Europe (Backpack EU) after a CySEC settlement and reissuance of a MiFID II license. It offers perpetual futures trading to European clients and follows the refund process for former FTX EU customers.
How did Backpack EU secure a MiFID II license and resolve CySEC issues?
Backpack EU (registered as Trek Labs Europe) settled with the Cyprus Securities and Exchange Commission (CySEC) and paid €200,000 for possible regulatory violations linked to FTX. CySEC reissued the MiFID II authorization in June 2025, allowing Backpack to operate regulated crypto derivatives in Europe.
What does this mean for former FTX EU customers?
Backpack EU took responsibility for distributing FTX EU customer claims in May 2025 and completed refunds before launching the new platform. This repayment was a condition cited by the company and regulators prior to resuming operations under a regulated framework.
How will the platform operate and what instruments are available?
The initial product set focuses on perpetual futures, a derivatives instrument that tracks an underlying asset without expiry. The platform will operate under MiFID II compliance rules and local EU investor protections, with trade execution and margining governed by Trek Labs Europe policies.
Who leads Backpack EU and what did executives say?
Backpack CEO Armani Ferrante stated the company is “providing one of the first fully regulated crypto derivatives platforms in Europe, starting with perpetual futures.” The statement emphasizes a regulated approach and prior customer reimbursements as foundational steps.
| Feature | FTX EU (prior) | Backpack EU / Trek Labs Europe (now) |
|---|---|---|
| Regulatory status | License suspended (Nov 2022) | MiFID II reissued by CySEC (June 2025) |
| Customer claims | Unresolved after collapse | Backpack distributed refunds and assumed claims |
| Products | Spot, derivatives (prior) | Regulated perpetual futures (initial focus) |
When did key milestones occur?
- Early 2025 — Backpack announced acquisition of FTX EU.
- May 2025 — Backpack assumed responsibility for distributing FTX EU claims.
- June 2025 — CySEC reissued MiFID II authorization after a €200,000 settlement.
Frequently Asked Questions
Is Backpack EU fully regulated to offer perpetual futures in Europe?
Yes. Trek Labs Europe (Backpack EU) received a reissued MiFID II license from CySEC in June 2025, enabling regulated perpetual futures trading across applicable EU jurisdictions under MiFID II rules.
Did Backpack EU refund former FTX EU customers?
Backpack EU stated it fulfilled refunds for former FTX EU customers before launching the perpetual futures platform and assumed responsibility for distributing FTX EU customer claims.
What penalty did CySEC impose on Backpack EU related to FTX?
CySEC required Backpack (Trek Labs Europe) to pay €200,000 for possible regulatory violations linked to FTX; the settlement preceded reissuance of the MiFID II authorization.
Key Takeaways
- Regulatory reopening: CySEC reissued a MiFID II license to Trek Labs Europe, allowing regulated operations.
- Customer remediation: Backpack completed refunds for former FTX EU customers prior to launch.
- Product focus: Platform launches with perpetual futures, positioning Backpack among early regulated EU crypto derivatives venues.
Conclusion
The Backpack EU perpetual futures platform launches under a reissued MiFID II license after a CySEC settlement and customer refunds, marking a regulated re-entry of the former FTX EU infrastructure into European crypto derivatives markets. Watch for further regulatory disclosures and product rollouts as Trek Labs Europe expands services.
