Core Summary
- Former General Counsel of FTX Can Sun Backpack, the cryptocurrency exchange it founded (operated by Trek Labs Inc.), has officially launched. Backpack Securities, a U.S.-regulated securities brokerage and tokenized stock trading platform.
- The platform adopts Dual-track architectureTraditional regulated brokerages hold real US stocks in custody, while Solana's on-chain Sunrise protocol enables stock tokenization and 24/7 trading.
- Trek Labs Inc. has already... FinCEN registered as an MSB(Registration No. 31000315905825), holding at least [number missing] in Delaware, Illinois, Missouri, etc. 19 statesThe MTL license (NMLS ID: 2665675).
- This is the entry of cryptocurrency exchanges. Securities business regulated by the SECThis latest case is also an important step taken by the former FTX executive team to rebuild the compliance system after the bankruptcy.
- The platform plan From January 2026It will be rolled out gradually, with the first batch of DeFi protocols supporting the Solana ecosystem.
📑 Table of Contents
- Backpack and Trek Labs: Compliance Rebuilding of FTX Lineage — A Transformation Path from Bankruptcy Legacy to Licensed Operation
- Backpack Securities' dual-track architecture: traditional brokerage license + on-chain tokenization Platform Design and Business Logic
- MTL Licensing Network: Trek Labs' US State Compliance Map — 19-State MTL + FinCEN MSB Registration Resolution
- Regulatory Prospects and Industry Impact of Tokenized Securities — Sunrise Protocol, Solana Ecosystem and Asia-Pacific Reference
This article was originally written by the Aiying Compliance Team and requires authorization to be reproduced.
On June 2, 2026, Backpack, a cryptocurrency exchange founded by former FTX General Counsel Can Sun (operated by Trek Labs Inc. ), announced the launch of Backpack Securities , an innovative platform that integrates traditional securities brokerage with blockchain tokenization. This move marks a new phase in the business reconstruction of the core legal team in the FTX bankruptcy case within a compliance framework—a strategic extension from a cryptocurrency exchange to a regulated securities business.
I. Backpack and Trek Labs: Compliance Reconstruction of FTX Lineage
From the acquisition of FTX EU to building its own compliance system
Backpack's compliance narrative is deeply intertwined with FTX's bankruptcy liquidation. In 2024, Trek Labs Inc. completed the acquisition of FTX EU (FTX's European subsidiary) for $3,270 million ( Wu Blockchain, 2026-06-02 ), and assumed the obligation to withdraw and return funds to FTX EU users. During the same period, Backpack opened a channel for selling FTX debt, undertaking the disposal of debt claims from FTX users in China and Russia.
At the federal level, Trek Labs Inc. is registered with FinCEN as a Money Services Business (MSB, registration number 31000315905825 ) and has established an MTL license network covering at least 19 states in the NMLS (National Multistate Licensing System) under ID 2665675 ( Backpack Legal Disclosures, 2025-10 ). This license network lays a compliance foundation for Backpack's transformation from a pure crypto exchange to a regulated securities platform.
Can Sun's role: From FTX Legal Counsel to Founder of a Licensed Platform
Can Sun testified as a key witness in the FTX bankruptcy case, and his profound understanding of the crypto regulatory environment provided directional guidance for Backpack's compliance path. Backpack had previously completed a funding round at a valuation of $1 million , with investors including major players in the blockchain industry. From the collapse of FTX to Backpack's compliant rebuilding, Can Sun's career trajectory actually outlines a transformation path for crypto companies from regulatory arbitrage to proactive compliance.
II. Backpack Securities' Dual-Track Architecture: Traditional Brokerage License + On-Chain Tokenization
Platform Design Logic
Backpack Securities' core design is a dual-track approach ( TheCoinomist, 2026-06-02 ):
- Track 1: Brokerage and custody services regulated in the United States.Users can actually hold US stocks and enjoy traditional brokerage benefits such as cash dividends and corporate actions. This track requires Backpack or its partners to hold an SEC-registered broker-dealer license and custody qualifications.
- Track 2: On-chain tokenized securities trading on Solana.Through tokenization protocols Sunrise The collaboration will convert real stock holdings in Track 1 into tokenized securities that can be traded on the Solana chain, enabling 24/7 trading and integration with Solana's DeFi protocols.
Key differences from traditional synthetic stock trading platforms
Backpack Securities' model differs fundamentally from Binance's previous synthetic stock products: Binance's stock tokens are synthetic derivatives based on third-party custodians, while Backpack claims its tokens directly correspond to real US stock holdings , and the underlying brokerage is regulated in the US. This difference is crucial from a compliance perspective—the latter involves security tokenization rather than synthetic derivatives, falling under a different category under the SEC's regulatory framework.
Previously, Backpack had partnered with Superstate to list SEC-registered U.S. stock tokenization products on its platform ( FinanceFeeds, 2025-10-15 ), indicating that its tokenized securities roadmap had been in preparation for at least six months.
III. MTL License Network: Trek Labs' Compliance Map Across US States
Licensed lighting
According to Backpack's official legal disclosure page (as of October 31, 2025), Trek Labs Inc. has obtained explicit money transfer licenses in the following states ( Backpack Legal, 2025 ):
| State | License Type | License plate number | Regulatory Authority |
|---|---|---|---|
| Delaware (DE) | Check Seller, Money Transmitter | 042857 | Office of the State Bank Commissioner |
| Illinois (IL) | Money Transmitter License | MT.0000531 | IDFPR |
| Iowa (IA) | Money Services License | 2025-0047 | Iowa Division of Banking |
| Mississippi (MS) | Money Transmitter License | 2665675 | Dept. of Banking & Consumer Finance |
| Missouri (MO) | Sale of Checks & Money Transmitter | MO-25-9773 | Missouri Division of Finance |
| New Hampshire (NH) | Money Transmitter License | 2665675MT | NH Banking Department |
| Oklahoma (OK) | Money Transmission License | 2665675 | Oklahoma Banking Department |
| South Carolina (SC) | Money Transmitter License | 2665675 | SC Attorney General, Money Services |
In addition, Trek Labs' licenses in 11 states, including California, Colorado, Hawaii, Michigan, Montana, Utah, Virginia, Wisconsin, and Wyoming, as well as the U.S. Virgin Islands, are "Available," while its applications in New Jersey and Tennessee are pending.
The support of the licensing network for securities business
It's important to note that an MTL (Money Transmitter License) primarily covers fund transfer and payment services, not broker-dealer registration required for securities brokerage. Backpack Securities' status as a "US regulated brokerage" implies that it needs an SEC-registered broker-dealer license and/or FINRA membership. To date, Backpack has not publicly disclosed specific details of its broker-dealer registration, and this regulatory transparency gap warrants continued attention.
IV. Regulatory Prospects and Industry Impact of Tokenized Securities
Compliance challenges of the Sunrise protocol and the Solana ecosystem
Backpack Securities' on-chain portion relies on the Sunrise protocol for stock tokenization. Sunrise is the tokenization infrastructure protocol within the Solana ecosystem, and its compliance design needs to address the following core issues:
- Token holder equity mappingHow can on-chain token holders enjoy the same voting rights, dividend rights, and information disclosure rights as traditional shareholders?
- Qualified investor thresholdDo buyers of tokenized securities need to meet the SEC's accredited investor criteria?
- Interstate complianceDoes the peer-to-peer transfer of tokenized securities on-chain trigger registration requirements under state securities laws (Blue Sky Laws)?
Industry Trends: Crypto Exchanges Expanding into Regulated Securities
The launch of Backpack Securities is not an isolated incident. In recent years, several crypto-native platforms have been expanding into regulated securities businesses: Coinbase entered the securities tokenization market by acquiring a licensed broker-dealer, Kraken obtained a Special Purpose Depository Institution (SPDI) license in Wyoming, and Binance.US is also exploring SEC-regulated stock tokenization pathways. The shift of crypto exchanges from "unregulated crypto asset trading" to "regulated securities business" is becoming a mainstream transformation direction for the industry.
For licensed crypto trading platforms in the Asia-Pacific region , Backpack's model offers a valuable reference: using traditional financial licenses (brokerage, custody) as a compliance foundation, and then layering blockchain tokenization capabilities on top of that, may be a viable path to balance compliance and innovation. Hong Kong's SFC's VATP licensing regime has already provided a regulatory framework for virtual asset trading platforms, but tokenized securities are still in the regulatory sandbox stage. Backpack's US experience is worth noting for licensed institutions in Hong Kong.
FAQ
What are the differences between Backpack Securities and Binance's previous stock tokens?
Binance's stock tokens (such as Tesla and Apple) are synthetic derivatives custodied by the German company CM-Equity AG , meaning users do not directly own the underlying stocks. Backpack Securities claims its tokens directly correspond to real US stock holdings , with the underlying brokerage firm regulated in the US, and users enjoying dividends and corporate action rights. This difference has different regulatory implications under the SEC framework: the former falls under Contracts for Difference (CFDs), while the latter falls under security tokenization, which faces stricter regulatory requirements.
Is Trek Labs' MTL license sufficient to support its securities brokerage business?
That's not enough. An MTL license covers money transfer services, while securities brokerage requires an SEC-registered broker-dealer license and/or FINRA membership. Trek Labs has not publicly disclosed its broker-dealer registration status, a crucial unconfirmed piece of Backpack Securities' compliance puzzle. Furthermore, on-chain trading of tokenized securities may also involve Alternative Trading System (ATS) registration.
Source: This article is based on first-hand information sources such as Wu Blockchain (2026-06-02) , TheCoinomist (2026-06-02) , Backpack Legal Disclosures (2025) , and FinanceFeeds (2025-10-15) .