What to know:
- Backpack will be the only regulated perpetual futures provider across Europe, according to the exchange’s CEO Armani Ferrante.
- Ferrante said the firm’s MiCA notification has been submitted and he expects to go live in the first quarter of 2025.
The European division of Sam Bankman Fried’s failed cryptocurrency trading conglomerate, FTX EU, has recently been acquired by Backpack Exchange – a digital currency trading firm established by ex-employees from Alameda Research and FTX.
According to the report, it was revealed that FTX EU, an entity authorized by the Cyprus Securities and Exchange Commission (CySEC) under MiFID II regulations, incurred a loss of approximately $32.7 million for Backpack.
Starting in Europe, the newly established branch of Backpack Exchange will provide a comprehensive range of cryptocurrency derivative products. Initially, they aim to leverage their unique status as the only European provider of regulated perpetual futures contracts. This information was shared by Armani Ferrante, CEO of Backpack Exchange.
Multiple cryptocurrency trading businesses are seeking approval for a MiFID license, enabling them to provide crypto-asset services under the European Union’s upcoming Markets in Crypto Assets (MiCA) framework. Once they notify the appropriate national regulatory body, they will be able to operate within this new regulatory structure.
At present, both Bitstamp and Coinbase have obtained their MiFID II licenses. Similarly, D2X, a Dutch company, has received authorization and intends to introduce USD-backed futures and options in the early part of this year. Additionally, newcomers are targeting a shift in the crypto derivatives market’s control from Deribit, a centralized exchange based in Panama.
According to Ferrante from Ferrante’s Backpack, they have already submitted their MiCA notification and anticipate launching in the first three months of 2025.
Though some companies have managed to secure approval for a restricted version of a derivatives license, it appears that none are currently offering perpetuals and are operational within the EU, including Coinbase and Bitstamp. Ferrante stated via email. After returning FTX EU customers’ funds, we eagerly look forward to launching a regulated perpetual futures product as our top priority.
According to Ferrante, a comprehensive range of products is currently under development. However, it’s possible that not all of them will be launched during the first quarter.
Last year, a backpack company, known for its ties with the Solana ecosystem and their thriving wallet and NFT enterprise, secured a $17 million investment round.
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2025-01-07 11:13