Backpack Exchange: what the sources say

Regulation, reserves, fees

Reserves note: Trading Rules state daily reconciliation of user virtual-asset and fiat balances; no public proof-of-reserves report found in docs.

Incidents and regulator actions found

Security incidents

• 2025-07-03 After scheduled maintenance, users reported account errors in spot and perpetual markets (balance changes, reversed orders). CEO Armani Ferrante called it a programming error and said custody infrastructure was not involved (reported by CryptoSlate; user losses as reported by users, not independently verified). Outcome: CEO said the company would compensate losses caused by its fault and publish findings after an internal audit; completion not verified. source

Regulator and court actions

• 2025-01-08 FTX bankruptcy estate (US Bankruptcy Court, District of Delaware): FTX estate stated Backpack's announced acquisition of FTX EU was made without its involvement or court approval and that Backpack had no authority to distribute funds to FTX customers; Backpack disputed this, citing the 2024 court-approved sale of European assets and Cyprus regulatory approval (reported by The Block). Outcome: As of 2025-01-09 share transfer pending and parties in disagreement; later resolution not verified in this check. PRESS OR OTHER SOURCE · official text not found source

What we could not verify

Not verified: OAM, Italian onboarding, EU entity fees and product scope, incidents/legal actions (search budget exhausted), proof of reserves, SEPA. 2026-10-09 search: no hack found; later resolution of FTX EU dispute not verified.

Facts are as of 9 Oct 2026. We ran a limited number of searches per exchange, so an empty list is not proof that nothing happened. We did not check the Italian OAM register. Items from press or third parties are reports, not findings by an authority. If something here is wrong or out of date, send a correction with a source: corrections policy. Education only, not investment advice.

Sources

1. [1] ESMA interim MiCA CASP register (CSV): Trek Technologies SIA / Backpack EU accessed 2026-10-09
2. [2] Backpack Learn: Is Backpack Exchange regulated in Europe? (2026-07-01) accessed 2026-10-09
3. [3] Backpack Exchange Trading Rules (VARA) accessed 2026-10-09
4. [4] VARA public register: Trek Labs Ltd FZE (Backpack) accessed 2026-10-09
5. [5] Backpack trading fees accessed 2026-10-09
6. [6] Backpack futures fees / funding accessed 2026-10-09
7. [7] Backpack supported regions accessed 2026-10-09
8. [8] Backpack API: assets (withdrawal fees) accessed 2026-10-09
9. [9] Backpack API: markets accessed 2026-10-09
10. [10] Backpack trading bots accessed 2026-10-09
11. [11] CryptoSlate: post-maintenance mishap on Backpack (2025-07-03) accessed 2026-10-09
12. [12] The Block: Backpack FTX EU dispute (2025-01-09) accessed 2026-10-09