Backpack EU, the owner of the former FTX EU, has started operations with a regulated perpetual futures platform in Europe after settling with the Cyprus Securities and Exchange Commission (CySEC) and securing a MiFID II license. This launch marks a significant step as it aims to provide one of the first fully regulated crypto derivatives platforms in the region. According to Backpack CEO Armani Ferrante, fulfilling their commitment to refund former FTX EU customers was a priority prior to launching this new service. The company received authorization from the CySEC under the MiFID II framework after discussions on compliance, which included a fine for previous regulatory violations linked to FTX. The regulatory environment has changed since 2022, allowing Backpack EU to operate within legal boundaries, presenting a new avenue for crypto derivatives trading in Europe.

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