Backpack Crypto Exchange Expands Into US; Sam Bankman-Fried Opts for New Legal Representation

By: Isha Das

Backpack, a cryptocurrency exchange founded by former executives from FTX, has expanded to 11 states within the US amid tightening global crypto regulations. The announcement was made by the company's CEO Armani Ferrante who also outlined ambitious plans for further growth in the US market. The platform, which enables spot trading activities, aims to further diversify into derivatives and more.

In addition to the expansion, reports surfaced stating that Sam Bankman-Fried, FTX's former CEO, has replaced his legal team ahead of sentencing negotiations. This development follows the recent trial where Can Sun, a co-founder of Backpack and former general counsel at FTX, revealed his unawareness of Bankman-Fried's mishandling of customer funds. The upheaval has affected both the FTX ecosystem and the crypto community at large.

Backpack enjoys multiple licenses across global jurisdictions, including the United Arab Emirates, Lithuania, Australia, and now, the US. This accreditation may potentially increase competition within the crypto exchange market, enriching options for traders and investing platforms alike.