Backpack launches perpetual futures trading in Europe…"EU services ramp up"

Global cryptocurrency exchange Backpack Exchange said on the 8th (local time) that it is launching perpetual futures trading in the European Union (EU).

The perpetual futures trading service will be provided through Backpack Exchange's EU subsidiary, 'Backpack EU.' Backpack Exchange has been preparing its EU operations after acquiring FTX's European arm 'FTX EU', a cryptocurrency exchange that went bankrupt in 2022, in the first half of this year. A Backpack Exchange official said, "Backpack EU supports more than 40 trading pairs and up to 10x leverage," and "Now you can use a perpetual futures trading service on Backpack EU that fully complies with regulations."

Backpack Exchange is also pursuing compensation for FTX EU creditors' losses. CoinDesk reported, "Backpack Exchange began paying funds to FTX EU customers (for damages) starting in April." Armani Ferrante, CEO of Backpack Exchange, said, "(Backpack Exchange) kept its promises to FTX EU customers," and "We will begin the journey to provide one of the cryptocurrency derivatives platforms in Europe that fully complies with regulations through perpetual futures trading services."

Backpack Exchange is also considering entering Japan. CEO Ferrante told CoinDesk, "We are carrying out the same work in Japan as with Backpack EU," and "Japan will be the next market to watch for Backpack Exchange in terms of (regulatory) licenses."