FTX EU owner, the Backpack EU – the former European division of the decommissioned exchange FTX – has begun operations after settling in the Cyprus Securities and Exchange Commission (CYSEC).
The Backpack EU, registered as Trek Labs Europe by CYSEC, announced the launch of its permanent futures platform in Europe on Monday, the company told Cointelegraph.
“After fulfilling our commitment to refund former FTX EU customers, we are beginning our journey to deliver one of Europe’s first fully regulated crypto derivatives platforms.
The announcement follows Backpack’s acquisition of the FTX EU in early 2025 and backpacks, which are responsible for distributing FTX EU customer claims from May 2025 onwards.
Operates under MIFID II license
Backpack EU’s permanent futures launch is based on the company’s approval based on the Financial Instruments Directive (MIFID II) market granted by CYSEC.
CYSEC reissued the MIFID II license to Trek II Labs Europe in June 2025 after the company settled with regulators, paying a total of 200,000 euros ($235,000) for “possible violations” of regulations relating to FTX.
Cyprus regulators suspended the FTX EU’s Cyprus Investment Company (CIF) license in November 2022 following the collapse of FTX, the parent of global manipulation.
This is a developing story, and more information will be added as it becomes available.
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