Talking Tokens Solana Genius Behind Mad Lads & Backpack | Armani Ferrante
Sep 16, 2025
Armani Ferrante, co-founder and CEO of Backpack, dives into the innovative realm of regulated crypto exchanges. He discusses how Backpack EU has become a pioneer by refunding FTX EU users and emphasizing compliance. Armani highlights the surge in demand for regulated platforms in Europe as others exit. He explains the importance of daily proof of reserves for trust and navigates the complexities of launching perpetual futures. With a vision for expansion, he paints Backpack as a potential next-gen bank, all while stressing the need for long-term thinking in the crypto landscape.
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Refunding FTX EU Users
- Backpack acquired FTX EU and took responsibility to refund former EU users after the collapse.
- Armani says they did it because it was the right thing and a prerequisite to rebuild the business credibly.
Diligence Behind A Regulated Acquisition
- Armani describes the unexpected complexity of acquiring a regulated EU business under MiFID II.
- He highlights extensive diligence, compliance tech, reporting, and capital requirements needed to operate legitimately.
A Hole In European Derivatives
- Major crypto derivatives exchanges left Europe, creating a regulatory-shaped gap for perps.
- Armani sees huge demand for a regulated European platform to serve traders and institutions.