Compliance Champions: Transparency by Design: How Backpack is Reinventing the Crypto Exchange Model

How do you rebuild trust in crypto?

In this episode, Can Sun shares a raw and insightful journey, from joining FTX as General Counsel with the goal of leading it into regulatory legitimacy, to resigning in November 2022 after discovering customer funds were misappropriated.

Today, he’s building something different: Backpack Exchange, a global crypto exchange rooted in radical transparency, with built-in proof-of-reserves, independent node validation, and a repeatable entire history from day one. 

Delphine and Can dive into:

✅ How Backpack Exchange is architected like a blockchain, offering verifiable, replayable exchange history

✅ The challenges (and opportunities) of navigating MiFID II, MiCA, and global compliance frameworks

✅ Regulatory patchwork in global crypto compliance, and how to stay principled amid uncertainty

✅What it really means to balance innovation, regulation, and integrity in today’s crypto landscape

✅ Trade-offs between centralization, user protection, and innovation in DeFi

✅ How the industry can evolve beyond “decentralization theater” and regain regulator trust