Backpack Exchange bought FTX's EU unit and MiFID II licence for $32.7 million.
The platform now offers 40 trading pairs of perpetual futures with 10x leverage.
A screenshot of Backpack EU's website
Backpack Exchange, which acquired the European unit of the now-collapsed FTX, has launched perpetual futures trading in the European Union “after fulfilling [its] promise to refund former FTX EU customers.”
The Platform Is Still in Beta
The services remain in Beta, and prospective customers must sign up for the waitlist at Backpack EU.
Armani Ferrante, CEO of Backpack (Photo: YouTube)
“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,” said Armani Ferrante, CEO of Backpack.
“We look forward to welcoming EU users to our platform and serving them in the years to come,” he added.
The exchange lists 40 trading pairs of perpetual futures, each with 10x leverage.
Perpetual futures differ from traditional futures contracts in one key way: they have no expiry date. While standard futures settle on a set date, perpetuals can be held indefinitely and instead use a funding rate mechanism—regular payments between long and short traders—to keep prices in line with the spot market.
This structure, popularised in crypto trading, allows continuous speculation and leverage without the need to roll over contracts.
Acquiring the Distressed FTX EU
Backpack EU announced its acquisition of FTX’s EU unit, which operated under 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 also became liable for returning the funds of distressed FTX customers under the EU entity. FinanceMagnates.com reported earlier that the new owner began distributing claims to affected FTX EU customers in early 2025.
The latest announcement further emphasised that Backpack has been processing FTX EU customer claims since 2025.
Meanwhile, other major crypto brands have also entered Europe to offer perpetuals. Kraken, which obtained a MiFID II licence after acquiring a Cyprus broker, launched crypto derivatives in May. Coinbase also acquired a Cyprus-regulated broker but has yet to launch any product under its European licence.
Backpack Exchange, which acquired the European unit of the now-collapsed FTX, has launched perpetual futures trading in the European Union “after fulfilling [its] promise to refund former FTX EU customers.”
The Platform Is Still in Beta
The services remain in Beta, and prospective customers must sign up for the waitlist at Backpack EU.
Armani Ferrante, CEO of Backpack (Photo: YouTube)
“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,” said Armani Ferrante, CEO of Backpack.
“We look forward to welcoming EU users to our platform and serving them in the years to come,” he added.
The exchange lists 40 trading pairs of perpetual futures, each with 10x leverage.
Perpetual futures differ from traditional futures contracts in one key way: they have no expiry date. While standard futures settle on a set date, perpetuals can be held indefinitely and instead use a funding rate mechanism—regular payments between long and short traders—to keep prices in line with the spot market.
This structure, popularised in crypto trading, allows continuous speculation and leverage without the need to roll over contracts.
Acquiring the Distressed FTX EU
Backpack EU announced its acquisition of FTX’s EU unit, which operated under 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 also became liable for returning the funds of distressed FTX customers under the EU entity. FinanceMagnates.com reported earlier that the new owner began distributing claims to affected FTX EU customers in early 2025.
The latest announcement further emphasised that Backpack has been processing FTX EU customer claims since 2025.
Meanwhile, other major crypto brands have also entered Europe to offer perpetuals. Kraken, which obtained a MiFID II licence after acquiring a Cyprus broker, launched crypto derivatives in May. Coinbase also acquired a Cyprus-regulated broker but has yet to launch any product under its European licence.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
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Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
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Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
