Overview
- The platform operates from Cyprus under the EU’s MiFID II regime, placing it among a small set of regulated venues offering crypto derivatives in Europe.
- Access launches in a private beta with a waitlist, and Backpack is limiting new sign-ups to 100 users per day.
- Initial offerings include roughly 40 perpetual futures pairs with up to 10x leverage for retail and institutional traders.
- Backpack finalized the FTX EU acquisition earlier this year after an authorization dispute and began returning funds to affected FTX EU customers in April and May.
- The exchange highlights daily proof-of-reserves attestations using zero-knowledge proofs, while competitors include Kraken, which launched EU derivatives in May, and Coinbase, which has not yet launched under its European license.