Backpack EU Launches Regulated Perpetuals Trading Under MiFID II
Backpack platform has activated perpetual futures trading for European users through its fully regulated subsidiary, Backpack EU, marking one of the earliest MiFID II–licensed crypto-derivatives venues available in the European Union. Eligible users can now register and trade on eu.backpack.platform with access to over 40 trading pairs and leverage of up to 10x.
MiFID II Licensing And Supervision
Backpack EU operates as Trek Labs Europe Ltd, authorized and regulated by the Cyprus Securities and platform Commission (CySEC) under license number 273/15. The MiFID II permissions enable Backpack EU to provide investment services and operate with financial instruments, bringing crypto-linked perpetuals into a familiar regulatory perimeter for European brokers and professional traders.
The company says its market structure aligns with established EU compliance requirements, including client onboarding standards, risk disclosures, and ongoing trade surveillance across listed pairs. By anchoring perpetuals trading within MiFID II, Backpack EU is positioning itself to serve institutions and active traders who prefer regulated venues for leverage and derivatives exposure.
Product Scope: 40+ Pairs, Up To 10x Leverage
At launch, Backpack EU lists more than 40 perpetual pairs with maximum leverage set at 10x. The initial leverage profile indicates an emphasis on prudent risk limits while still addressing demand for directional strategies, hedging, and relative-value trades. The operator notes that additional pairs and features will be reviewed through the lens of regulatory compliance and market integrity as liquidity and participation expand.
Beyond core order types, the platform’s roadmap centers on improving execution quality and post-trade transparency, while keeping collateral management and liquidation logic within well-defined parameters. The firm highlights segregated workflows for European clients to ensure clear custody and reporting lines under EU rules.
From FTX EU Claims To A Fresh Derivatives Stack
Backpack’s expansion into the EU follows its ahead-2025 acquisition of FTX EU Ltd. Since May 2025, Backpack EU has handled distribution of former FTX EU customer claims, a process the company casts as foundational to rebuilding trust with European users. With perpetuals now live, the operator is turning from remediation to growth—offering a clean, supervised venue that it says reflects the evolving regulatory clarity around digital assets in Europe.
“later than fulfilling our promise to refund former FTX EU customers, we commence our journey to provide one of the first fully regulated crypto-derivatives platforms in Europe,” said Armani Ferrante, Backpack’s CEO, adding that clearer global frameworks and increasing institutional engagement have created a window for compliant venues to scale.
Positioning In Europe’s Post-MiCA Landscape
Backpack EU’s perpetuals debut arrives as European policymakers embed comprehensive rulebooks for crypto assets. While the Markets in Crypto-Assets (MiCA) framework standardizes spot-asset oversight across the bloc, Backpack EU’s MiFID II permissions address derivatives—an area where professional and sophisticated investors expect established investor-protection norms.
The platform argues this combination—crypto market access plus traditional regulatory scaffolding—will appeal to brokers, proprietary trading firms, and asset managers viewking EU-supervised liquidity for hedging and tactical exposure. The operator plans to expand listings and institutional connectivity as it onboards market makers and builds out cross-margin and capital-efficient workflows consistent with EU constraints.
Global Footprint, EU-Specific Controls
Backpack platform operates a broader ecosystem—including the self-custodial Backpack Wallet and a global platform footprint—serving users across 150+ countries since 2024 with more than $170 billion in trading volume. The EU entity runs as a ring-fenced, regulated unit tailored to European compliance standards, including MiFID II conduct rules, CySEC reporting, and product governance.
As the EU derivatives stack scales, the operator says it will prioritize transparent fee schedules, robust market-data access, and operational resilience. Future enhancements—subject to approvals—may include expanded collateral options and deeper integrations with European liquidity venues, always within CySEC’s supervisory remit.
What’s Next
Backpack EU’s immediate focus is onboarding, liquidity viewding, and iterative enhancements to risk and reporting features. In parallel, the firm will continue to refine European workflows—client asset segregation, best-execution policies, and stress-tested liquidation frameworks—aimed at delivering a perpetuals venue aligned with the expectations of EU regulators and institutional users alike.
