Is Backpack Exchange safe? VARA licensed, MiFID II regulated, zero security breaches since 2022, cold storage, 2FA, Mark Wetjen (ex-CFTC) as US president.
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Yes, Backpack Exchange is safe.
Dual-licensed, zero breaches, institutional-grade security
Backpack holds a full Virtual Asset Service Provider license from the Dubai Virtual Assets Regulatory Authority (VARA), one of the world's most comprehensive crypto regulatory frameworks.
Through the acquisition of FTX EU, Backpack gained MiFID II regulatory status in the European Union, providing the highest level of financial regulation for European users.
Majority of user assets stored in air-gapped cold wallets, protected from online threats.
Two-factor authentication supported via authenticator apps and hardware security keys.
Since launching in 2022, Backpack Exchange has maintained a perfect security record with zero hacks or breaches.
President of Backpack US | Former CFTC Commissioner
The appointment of Mark Wetjen, a former Commissioner of the U.S. Commodity Futures Trading Commission (CFTC), as President of Backpack US demonstrates the company's commitment to regulatory excellence and building trust with institutional and retail users alike.
Backpack acquired FTX EU, the European arm of the former FTX exchange, specifically to help recover funds for affected users and to gain its MiFID II regulatory license. This acquisition demonstrates Backpack's commitment to doing right by the crypto community and operating within the strictest regulatory frameworks available.
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