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Trek Labs Japan K.K. — Japanese Crypto-Asset Exchange Operator (Preparatory Entity)

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Updated2026-05-18
Review by2026-08-08
Sources6Machine-translatedOriginal (JA)
#fintech#jp-crypto-exchange#vasp#jvcea-type2#foreign-entry#backpack
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This entry sits under exchanges index. Read it with FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirements for adjacent context and Japan Financial Regulation — Legal Framework for Tokens, Crypto Assets, and Payments for the broader system boundary.

FSA registration number unregistered (preparing application) · JVCEA member #2034 (Type II member) · JVCEA joined 2024 年 12 月 5 日

Trek Labs Japan K.K. is the preparatory entity for the Japan entry of Trek Labs, which operates the global crypto-asset exchange Backpack Exchange. It is active as a JVCEA Type II member toward obtaining crypto-asset exchange business (FSA registration) (as of 2026-05-18, it is FSA-unregistered).

1. Corporate entity / shareholders

  • Trade name: Trek Labs Japan K.K. (English: Trek Labs Japan K.K.)
  • Brand name: Backpack Exchange
  • Date of establishment: 2023 年 4 月 18 日
  • Head-office location: 〒160-0023 6 -chome 11 -ban 3 号 D Tower Nishi-Shinjuku, Nishi-Shinjuku, Shinjuku-ku, Tokyo
  • Parent company: Trek Labs (global entity · headquartered in Dubai)
  • Listing status: unlisted
  • Investment ratio / shareholder composition: not disclosed

Trek Labs Japan is a Japanese group entity established for the purpose of Backpack Exchange global’s entry into the Japanese market; it is not an independent exchange business entity, and its official website explicitly states that it is building a structure to start services for Japan after obtaining FSA registration.

2. License / registration status

  • Crypto-asset exchange business (FSA): unregistered (preparing application) — being a JVCEA Type II member means it is in the process of, or plans to, file a registration application
  • JVCEA member: Type II member #2034 (joined 2024 年 12 月 5 日)
  • JCBA member: associate member (Japan Cryptoasset Business Association)
  • Financial instruments business / electronic-payment-instruments-etc. trading business / funds-transfer business: all not disclosed

JVCEA Type II member status is granted to “operators that are in the process of, or plan to, file a registration application to become a crypto-asset exchange operator or a crypto-asset-related derivatives trading operator.” The timing for obtaining formal FSA registration is not disclosed.

3. Handled currencies

  • Service for Japan: not yet started as of 2026-05-18 (before FSA registration)
  • Global version Backpack Exchange handles major tokens such as BTC, ETH, SOL and numerous Solana-ecosystem tokens (see official website)
  • List of tokens handled for Japan: not disclosed

4. Scope of business

  • Formal service for Japan: not yet started (awaiting FSA registration)
  • The global version deploys spot trading, derivatives (perpetual futures), and staking
  • According to the official website, in Japan it plans to provide “services that customers can use with peace of mind through mobile applications and internet sites”
  • Backpack Exchange global adopts non-custodial wallet technology and emphasizes transparency in users’ asset management
  • Fiat-currency deposit channels (for Japan): not disclosed

5. Market share / trading volume

  • Trading volume for Japan: not disclosed because it has not started
  • Global version Backpack Exchange: cumulative trading volume of over 600 億 dollars (as of end of 2024 年 · official announcement), more than 50 万 monthly active users, more than 50 万 KYC-completed users (as of 2024 年 3 月), services deployed in more than 150 countries (figures published on the company’s website)
  • Customer base (for Japan): not disclosed
  • Competitive position (Japan): cannot be assessed because it is at the FSA-unregistered stage

6. History / major incidents

Period Event
2022 年 Just before the FTX collapse: the development entity Coral (the wallet-development company that was the precursor to Backpack) lost 1,450 万 dollars out of the 2,000 万 dollars in investment it was scheduled to receive from FTX Ventures and others (due to the FTX collapse)
End of 2022 年 After the FTX collapse, Coral’s founder Armani Ferrante and others reconstructed the group under a non-custodial-exchange concept
2023 年 4 月 Released the Mad Lads NFT collection on Solana → grew into one of the most popular collections on Solana
2023 年 11 月 Released the beta version of Backpack Exchange (headquartered in Dubai)
2023 年 4 月 18 日 Established Trek Labs Japan K.K. in Shinjuku-ku, Tokyo
Second half of 2023 年 The Backpack team relocated its base from Chicago, US, to Tokyo (CoinPost report)
2024 年 2 月 Backpack global raised 1,700 万 dollars (approx. 25 億円) in a Series A round. Led by the lead investor shown in public materials, with participation from Hashed, Robot Ventures, Amber Group, Wintermute Ventures, Solana founder Anatoly Yakovenko, and others
2024 年 3 月 Backpack Exchange’s global KYC-completed users reached over 50 万
2024 年 12 月 5 日 Trek Labs Japan K.K. joined as JVCEA Type II member #2034
2025 年 1 月 7 日 Backpack Exchange completed the acquisition of FTX EU (approved by the Cyprus Securities and Exchange Commission CySEC and the US bankruptcy court). It obtained a MiFID II license and plans to deploy derivatives trading across the EU
2025 年 4 月 Began the procedure for returning euros to FTX EU customers
2025 年 9 月 Utilizing the acquired FTX EU license, began regulation-compliant perpetual futures trading in Europe (CoinPost report)
As of 2026-05-18 FSA registration in Japan is incomplete / under application

Major incident: recovery from the FTX victimization — Coral (the precursor entity) lost about 72% of its funds in the FTX collapse, but, learning from that collapse, built an exchange model centered on non-custodial wallet technology, proof-of-assets using zero-knowledge proofs, and multi-party computation (MPC) custody. CEO Ferrante has publicly stated that “Backpack is doing something different from before.”

7. Strategic developments

  • Positioning Japan as the top priority: The relocation to Tokyo (second half of 2023 年) and the establishment of the Japanese entity indicate that it positions Japan as a key strategic base. The official website explicitly states that “in the future, it will seek to realize these corporate philosophies in the Japanese market through Trek Labs Japan K.K.”
  • Strengthening coordination with the Solana ecosystem: Solana founder Anatoly Yakovenko is a capital participant, and the Backpack wallet functions as the flagship wallet on Solana. In Japan as well, deployment centered on Solana-line products is anticipated
  • EU deployment (FTX EU acquisition): In parallel with Japan, it is also preparing regulation-compliant services in the European market (from 2025 年 onward)
  • Timing of the FSA registration application: not disclosed. Counting from the JVCEA Type II membership joining (2024 年 12 月), there are many cases where the review typically takes about 1-2 years
  • Mad Lads × Saga mobile coordination: Backpack has also been adopted as the official wallet of the Solana Saga smartphone, and it has a mobile-first strategy
  • Armani Ferrante: Backpack Exchange global CEO / co-founder. Having experienced technology and regulatory response in the former FTX era, he founded Trek Labs via Coral. He led the construction of the non-custodial model. He is also named as CEO in statements related to the FTX EU acquisition
  • Tristan Yver: Trek Labs co-founder (mentioned by CoinPost and others). In charge of global deployment
  • Can Sun: Trek Labs Japan K.K. Representative Director CEO (per the official website)
  • Solana founder Anatoly Yakovenko: Participated as a Backpack Series A investor and officially issued comments

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