Backpack EU secures MiCA and payment licenses, BP jumps 19%

Backpack EU, the European arm of the Solana-native crypto exchange, has obtained both a Crypto-Asset Service Provider (CASP) license and a Payment Institution license under the Markets in Crypto-Assets (MiCA) framework. The licenses were granted by Latvijas Banka, Latvia’s central bank, on May 27, 2026.

The platform’s native token, BP, responded with an 18.7% price jump.

Why the rush matters

MiCA’s full enforcement deadline lands on July 1, 2026. After that date, any crypto firm operating in the EU without proper authorization is essentially operating on borrowed time, or not at all.

Only about 210 out of over 1,200 firms that held prior national registrations have successfully transitioned to full MiCA authorization. That’s roughly 17%.

Backpack EU, operated by Trek Technologies SIA, now holds two distinct licenses. The CASP authorization covers custody, exchange services, and order execution. The Payment Institution license opens the door to payment solutions across all EU and European Economic Area jurisdictions.

The FTX EU connection

Backpack EU didn’t build its European regulatory footprint from scratch. The company previously acquired FTX EU’s European business, a transaction that came with some baggage but also some very valuable paperwork.

That acquisition gave Backpack EU access to a MiFID II license from the Cyprus Securities and Exchange Commission (CySEC). The license reinstatement required a settlement of approximately €200,000.

Backpack EU now layers MiCA authorization on top of its MiFID II credentials, creating a regulatory stack that few crypto-native firms can match.

BP token: volatile but trending up

The BP token launched on March 23, 2026, on the Solana blockchain with a total supply of 1 billion tokens.

On June 3, 2026, BP surged 87% in a single day, driven by news surrounding Backpack Securities and new trading plans. A separate 27% rally was connected to interest in tokenized equities, including SpaceX shares. Now the token has tacked on another 18.7% following the licensing announcement.

What this means for investors

The European crypto market is about to undergo a massive consolidation event. When MiCA enforcement kicks in on July 1, firms without full authorization will face a choice: stop serving EU clients, or operate in a legal gray zone that regulators have signaled they intend to close.

Only about 210 firms have made it through the MiCA authorization process so far, out of over 1,200 prior registrants. Every firm that doesn’t make the cut represents potential customers looking for a new, compliant home for their crypto activity.

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