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

Confidence: Likely Updated 2026-05-18 Review by 2026-08-08 Sources 6 Machine-translated Original (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

PeriodEvent
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 2026-05-18FSA 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

Sources