Cryptocurrency exchange Backpack has officially begun processing euro withdrawals for users affected by the collapse of FTX EU. In an announcement on X, Backpack said eligible creditors can now reclaim their funds through the platform. They must also complete Know Your Customer (KYC) verification.
The move comes after Backpack acquired the European arm of the bankrupt FTX exchange in January 2025. The firm is positioning itself as the primary distribution platform for FTX EU’s remaining customer funds. To proceed with withdrawals, users must ensure their identity documents match the information they previously submitted to FTX EU. Any discrepancies in KYC data must be resolved directly with Backpack EU support to avoid delays.
“If they do not [match], you will need to contact Backpack EU support… to update your Backpack EU account to reflect the same information used for your FTX EU claim,” the company said on its support page.
Claims Process Open Since April, No Deadline Set
Backpack opened the claims process on April 1. Users need to create an account, complete identity checks, and select Backpack as their redistribution platform. Many users have already begun the process. Backpack has not announced an official deadline for completing withdrawals.
Backpack emphasized that not all European Union-based users are considered FTX EU customers. According to the exchange, only users who signed up to FTX on or after March 7, 2022—specifically through the FTX EU platform—are eligible to reclaim funds.
However, Backpack also acknowledged that some EU users may have registered with the international version of FTX after this date. Users are advised to check their original terms of service for clarification.
You May Also Like: FTX Sues NFT Stars and Delysium Over Missing Tokens
Acquisition of FTX EU Followed Ownership Dispute
Backpack’s acquisition of FTX EU in January was a strategic move to expand its crypto derivatives offerings in Europe. The deal included licenses that allow Backpack to offer products such as perpetual futures across the EU.
However, the acquisition was not without controversy. Soon after the announcement, the U.S.-based FTX estate challenged the transfer and claimed that FTX Europe AG—a subsidiary—still legally owns FTX EU.
“As of today, 100% of the share capital of FTX EU is held by FTX Europe AG, an FTX subsidiary,” the FTX estate said at the time. This disputes the ownership transition to former FTX EU executives Patrick Gruhn and Robin Matzke.
Backpack CEO Armani Ferrante previously stated that the firm’s top priority is to return customer assets “as fast and as safely as possible.” With withdrawals now live, FTX EU creditors have a clearer path to recovering at least part of their frozen funds.
Backpack has not yet specified how long the withdrawal window will remain open or what percentage of customer funds will ultimately be returned.
