Former FTX general counsel Can Sun and ex-Alameda Research software developer Armani Ferrante, alongside other FTX executives, have launched Backpack, a new crypto exchange starting operations in eleven US states and territories. Backpack, which emphasizes transparency and user trust, operates under a Virtual Asset Service Provider license from Dubai's VARA, allowing for a regulated global operation. The exchange, currently in Beta, offers spot trading with plans to introduce more features. Leveraging lessons from FTX's collapse, Backpack aims to ensure user fund security and operational transparency, marking a cautious step forward in a post-FTX landscape.
