Backpack EU Secures MiCA and Payment Licenses, BP Jumps 18.7%

Backpack EU, the European arm of the Solana-native exchange, locked down two regulatory approvals just weeks before a compliance deadline that most crypto firms are about to miss. The company's native token, BP, surged 18.7% on the news.

The licenses came from Latvijas Banka, Latvia's central bank, on May 27, 2026. One is a Crypto-Asset Service Provider (CASP) authorization covering custody and exchange services. The other is a Payment Institution license, which lets Backpack EU offer payment solutions across the European Union and European Economic Area.

MiCA's full enforcement date is July 1, 2026. After that, any crypto firm operating in the EU without proper authorization faces a choice: stop serving EU clients or risk regulatory action. So far, only about 210 firms out of over 1,200 that held prior national registrations have completed the transition to full MiCA authorization. That is roughly 17%.

Backpack EU did not build its European regulatory footprint from scratch. The company previously acquired FTX EU's European business, a transaction that came with a MiFID II license from the Cyprus Securities and Exchange Commission. That license required a settlement of approximately €200,000 to reinstate. Now Backpack EU layers MiCA authorization on top of its MiFID II credentials, a combination few crypto-native firms can match.

The BP token launched on March 23, 2026, on the Solana blockchain with a total supply of 1 billion tokens. It has seen sharp moves before. On June 3, 2026, BP jumped 87% in a single day on news around Backpack Securities and new trading plans. A separate 27% rally followed interest in tokenized equities, including SpaceX shares. The latest 18.7% gain came directly after the licensing announcement.

The European crypto market is heading for a consolidation event. When MiCA enforcement starts on July 1, firms without full authorization will have to exit the region or operate in a legal gray zone. Every firm that does not make the cut represents potential customers looking for a compliant home. Backpack EU, with two licenses in hand, is one of the few exchanges ready to take them.

For traders evaluating platforms with regulatory standing, the best crypto brokers list tracks firms that have cleared similar hurdles.