Backpack EU Launches Regulated Crypto Derivatives Exchange in Europe

Backpack Exchange announced the launch of its European division, Backpack EU, operating from Cyprus under the MiFID II framework. Key details include:

Backpack EU is one of the first regulated venues in Europe to offer crypto derivatives, specifically perpetual futures.
The platform's CEO stated it will compete primarily with Kraken for these offerings.
This launch follows Backpack's acquisition of FTX EU earlier this year, with issues related to the sale now resolved.
Backpack EU offers over 40 trading pairs with leverage up to 10x, targeting both retail and institutional traders.
The exchange emphasizes rebuilding trust in digital assets through a proof-of-reserves system, publishing daily attestations using zero-knowledge proofs.
Since 2024, Backpack has processed over $160 billion in global trading volume.
Expansion plans include pursuing licensing in Japan.