According to Foresight News, cryptocurrency exchange Backpack has announced that it has secured three key European licenses: MiFID II (Markets in Financial Instruments Directive), EMI (Electronic Money Institution), and VASP (Virtual Asset Service Provider). This makes Backpack one of the few digital asset platforms holding a triple regulatory permit in Europe, laying the legal foundation for its compliant operations across the EU and the European Economic Area.
Backpack stated in the announcement that its compliance efforts from years ago have laid the groundwork for overcoming current difficulties. Previously, Backpack faced market skepticism due to its association with the collapsed FTX exchange (e.g., using FTT tokens), and user asset security became a focal point. By obtaining these regulatory certifications, Backpack aims to rebuild user trust and attract institutional investors.
However, competition remains fierce. Major exchanges like Binance and Coinbase have long been active in European compliance. Whether Backpack can leverage its license advantage to stage a turnaround will depend on its liquidity, product innovation, and actual user growth. Regulatory compliance is only the first step, not the whole battle.
