Backpack Launches Licensed, Compliant Crypto Exchange After FTX Fallout
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Backpack, a Solana NFT wallet app, is launching a regulated crypto exchange called Backpack Exchange with a license from Dubai.
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Backpack Exchange received the license after a rigorous evaluation process and must prioritize investor protection.
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The exchange has been in development for 5 months and will launch in private beta in November before a full launch in Q1 2024.
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Backpack Exchange aims to raise the bar for transparency and compliance after Backpack's experience with the FTX collapse.
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The exchange will start with spot trading and later expand into derivatives, margin trading, and more as it obtains additional global licenses.