BackPack, a UAE-regulated crypto exchange, has expanded to 11 US states, including California, Colorado, Indiana, Missouri, and Wyoming. CEO Armani Ferrante aims to solidify the exchange’s US presence, starting with spot trading and expanding into derivatives and margin trading. Co-founded by Can Sun and Ferrante, BackPack holds licenses in the UAE, Lithuania, Australia, and the US. Their XNFT wallet, licensed in Dubai in 2023, will launch privately in November 2023 and publicly in Q1 2024 under the name Backpack Exchange, solely covering the exchange platform.
