Backpack launches perpetual futures trading in Europe…"EU service fully underway"

Global cryptocurrency exchange Backpack Exchange said on the 8th (local time) that it will begin offering 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 acquired 'FTX EU,' the European arm of cryptocurrency exchange FTX, which went bankrupt in 2022, earlier this year and has been preparing its EU operations. A Backpack Exchange representative said, "Backpack EU supports more than 40 trading pairs and up to 10x leverage," and "Now you can use perpetual futures trading services on Backpack EU that fully comply with regulations."

Backpack Exchange is also pursuing compensation for FTX EU creditors. CoinDesk reported, "Backpack Exchange began paying (compensation) funds to FTX EU customers from April." Armani Ferrante, CEO of Backpack Exchange, said, "(Backpack Exchange) kept its promises to FTX EU customers," and "We will begin the journey of offering 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 Backpack EU)," and "(Regarding regulatory) licenses, Japan will be the next market to watch for Backpack Exchange."