Backpack EU - Solana-first crypto exchange with the fifth LV MiCA CASP licence
Backpack EU (Trek Technologies SIA) is the Latvian European arm of Backpack Group. On 27 May 2026 it received a dual MiCA CASP + payment institution licence from Latvijas Banka. It is the fifth MiCA CASP licence in Latvia and the second LV company with the dual licence after Paybis Europe.
History and technical context
Backpack was founded in 2022 by Armani Ferrante (Solana developer, author of the Anchor framework) and Tristan Yver (former FTX executive). After the November 2022 FTX collapse, in which Backpack lost $14.5m (88% of operating funds), the team decided to build a regulated CEX from the ground up. In April 2023 it launched the Mad Lads NFT collection, which became the #1 NFT collection across all chains in its first week.
In January 2025 Backpack acquired FTX Europe for $32.7m, taking over a Cypriot MiFID II licence and the obligation to handle FTX EU customer claims. In January 2026 it launched native Grid Bots automated trading strategies.
MiCA + PSD2 dual licence
The MiCA CASP licence allows five services across the EEA: custody, crypto-to-fiat exchange, crypto-to-crypto exchange, order execution and crypto-asset transfers. The payment institution licence enables payment transactions and issuance of payment instruments - meaning Backpack EU will be able to offer integrated fiat on/off-ramp directly within the platform without external partners (Simplex, Mercuryo).
Fees and products
- Spot maker: 0.08%
- Spot taker: 0.10%
- SEPA deposits/withdrawals: free
- Card deposits: 2.5%
Services: 73 cryptocurrencies, perpetual futures (rare among MiCA exchanges), Backpack Wallet self-custody integration, Solana DeFi (Jupiter, Marinade, Jito).
Who Backpack EU suits
- Solana-native users - deep ecosystem integration
- Active traders - perpetual futures and low fees
- Users who want one account for spot + perp - rare combination in the MiCA space
- Those who value regulated infrastructure - dual MiCA + PSD2 licence
Top alternatives
- Bitvavo - larger EUR liquidity, broader coin set
- Coinmotion - Finnish regulator with long track record
- Kvarn X - MiCA + MiFID II
- Kraken - bigger brand, derivatives
