The downfall of FTX caused a sense of unpredictability within the cryptocurrency community and played a role in influencing the market in the years that followed. In the time since then, the cryptocurrency industry has experienced improvements, with new projects entering a more stable environment. However, the downfall of FTX continues to impact some projects, as rebuilding trust is a challenging task for those previously associated with the bankrupt company. Can Sun, who previously worked as general counsel at FTX and played a key role in SBF’s criminal trial, has joined forces with Armani Ferrante and other former executives from FTX to establish a new cryptocurrency exchange. The legal firm managing FTX’s bankruptcy is facing allegations of involvement in fraudulent activities. A new cryptocurrency exchange has arrived. Backpack, a new cryptocurrency exchange created by former executives from FTX and Alameda Research, revealed in an announcement on X this Wednesday that it has begun operating in eleven states and territories in the US. Backpack is a regulated centralized exchange operating globally and plans to expand to more countries in the coming years. The exchange, based in Dubai, holds a Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA). VARA, the first regulatory body for virtual assets, allows Backpack to function in various locations. The VASP license permits Trek Labs to cater to institutional investors, qualified investors, and retail investors. Backpack Exchange is currently in Beta, open to residents of several states, including California, Colorado, Indiana, Missouri, New Hampshire, Pennsylvania, Tennessee, Utah, Virginia, the Virgin Islands, Wisconsin, and Wyoming. The platform currently offers spot trading only, while more advanced features like margin trading and derivatives will be available in the future. The company is focused on building trust with its users gradually. Ferrante, who is the CEO of Backpack, stated that the recently established exchange prioritizes transparency and instilling trust in investors through strict standards. We have high standards.