News30 May, 20263 min read

Backpack crypto exchange gets MiCA, payments licences in Latvia

The Backpack crypto exchange has secured MiCA and payment institution licences in Latvia, giving it a wider EU route beyond earlier perps setup in Cyprus.

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Backpack EU, the European arm of the crypto exchange built from the remains of FTX EU, got a wider regulatory route in the bloc.

Latvijas Banka, Latvia's central bank, said in a May 27 press release that Trek Technologies SIA, the company operating in the European Union under the Backpack EU brand, received both a MiCA crypto services and a payment institution licenses.

The crypto licence now allows Backpack EU to provide custody, crypto-to-fiat exchange and other crypto transfer services.
The payment institution licence lets the company execute payments, including transfers to payment accounts.

Backpack EU already had a presence in Europe through Cyprus after acquiring FTX EU, the failed exchange's European business, in early 2025 to revive its derivatives platform and repay approved former customers.

More context: FTX law firm Fenwick to pay $54M to settle customer fraud claims

But the company was operating under the EU's MiFID II framework, which mainly covered derivatives trading. The new Latvia licences cover spot crypto services, custody, and others.

"Upon obtaining authorisation in one EU country, a crypto-asset service provider may provide services throughout the EU in accordance with the mechanism for notifying cross-border activities."

Latvijas Banka

Latvijas Banka noted that Trek Technologies SIA is the fifth company to receive a Latvian MiCA licence, joining earlier licence holders including crypto launchpad BlockBen, crypto custodian Nexdesk, the European arm of crypto exchange Paybis, and crypto investment app Neverless.