The Expansion of Backpack Exchange Into US States

Backpack, a crypto exchange founded by former FTX executives, has recently announced its expansion into 11 US states, including California, Colorado, Indiana, Missouri, Wyoming, and others. This move comes at a time when global crypto regulations are becoming increasingly stringent.

CEO’s Statement

In a public announcement, CEO Armani Ferrante expressed the company’s commitment to establishing a strong presence in the US market. He emphasized that the expansion would be a gradual process, urging patience from users in states where Backpack Exchange is not yet available.

Backpack Exchange, currently in its beta phase, offers spot trading services and has plans to venture into derivatives and margin trading. The platform aims to differentiate itself by providing non-custodial-based trading, setting it apart from traditional crypto exchanges.

The exchange was co-founded by Can Sun and Armani Ferrante, both of whom have extensive experience in the crypto industry. Sun, former general counsel at FTX, played a crucial role as a witness in a high-profile trial involving misused funds. Ferrante, on the other hand, faced challenges with his previous venture, Coral, after FTX’s sudden collapse.

Global Presence

Backpack Exchange holds licenses in several countries, including the United Arab Emirates, Lithuania, Australia, and the United States. In the US, it is registered as a Money Services Business (MSB) in multiple states. It is also recognized by regulatory authorities in other countries like Australia and the UAE.

Future Prospects

As Backpack Exchange expands its reach and diversifies its services, it is poised for growth in the competitive crypto market. With a focus on regulatory compliance and user trust, the exchange aims to carve out a unique position for itself in the industry.

The expansion of Backpack Exchange into US states reflects its ambition to become a key player in the crypto market. By leveraging the expertise of its founders and adhering to regulatory requirements, the exchange is positioning itself for long-term success.