Backpack, a crypto exchange founded by former FTX executives, has recently announced its expansion into 11 US states amid the tightening global crypto regulations. This move signifies the company’s dedication to growing its presence in the US market.
In a recent announcement on social media, CEO Armani Ferrante expressed the company’s commitment to entering the US market slowly but steadily. He acknowledged the challenges ahead but emphasized that it will be worth it in the long run. Ferrante assured residents in states where Backpack is not yet available to hold on, as the company is working towards expanding its reach nationwide.
Backpack, currently in its beta phase, focuses on spot trading activities but has plans to diversify into derivatives, margin trading, and more as it secures additional licenses globally. The company aims to differentiate itself from traditional crypto exchanges by offering non-custodial-based trading services.
The exchange was co-founded by Can Sun, former general counsel at FTX, and Armani Ferrante, a former software developer at Alameda Research. Sun’s involvement in a high-profile trial brought attention to the misuse of customers’ funds by a former billionaire, while Ferrante’s crypto infrastructure company, Coral, faced significant losses due to FTX’s collapse.
Backpack Exchange boasts multiple licenses across different global jurisdictions, including the United Arab Emirates, Lithuania, Australia, and the United States. The company is registered with various regulatory bodies, such as the US Financial Crimes Enforcement Network and the Australian Transaction Reports and Analysis Centre, to ensure compliance with legal requirements.
As Backpack Crypto Exchange expands its presence in the US market, it faces both opportunities and challenges in navigating the complex regulatory landscape. With a commitment to providing innovative trading services and ensuring regulatory compliance, the company aims to establish itself as a reputable player in the crypto industry.
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