Crypto exchange Backpack announced that customers of the defunct crypto exchange FTX EU can begin reclaiming their funds through its service.<\/p>\n
According to a May 12 X post<\/a>, Backpack now allows FTX EU users who selected it as the redistribution platform to claim their euro balance. Users must first complete Know Your Customer (KYC) verification on the exchange before they can withdraw funds.<\/p>\n Backpack\u2019s support page<\/a> also explains that the KYC details on the platform must match the ones provided to FTX EU:<\/p>\n \u201cIf they do not, you will need to contact Backpack EU support at support@eu.backpack.exchange<\/a> to update your Backpack EU account to reflect the same information used for your FTX EU claim. This ensures a smooth verification process and avoids delays in accessing your distribution.\u201d<\/p>\n Related: <\/strong><\/em>Former FTX exec’s wife says gov’t \u2018induced a guilty plea\u2019<\/strong><\/em><\/a><\/p>\n Backpack opened the claim process<\/a> for former FTX EU exchange users on April 1. To access their claim through the platform, users had to create an exchange account and go through the aforementioned KYC checks. No deadline has been set for users going through the process.<\/p>\n The support page clarifies that not all European Union-based FTX users are FTX EU users. Those users who signed up to FTX before March 7, 2022, are not FTX EU users unless they later specifically signed up on the FTX EU platform. The documentation states:<\/p>\n \u201cGenerally, EU-based users who signed up to FTX on or after March 7, 2022, are FTX EU customers, in which case they should make their claim with FTX EU.\u201c<\/p>\n Still, no rule is set in stone. Backpack explained that some EU-based users signed up to FTX International after March 7, 2022. The exchange recommends checking the terms of service to determine which FTX platform they signed up for.<\/p>\n Related: <\/strong><\/em>FTX says Backpack acquisition of EU arm has not been approved by court<\/strong><\/em><\/a><\/p>\n Backpack acquired FTX EU in January 2025<\/a>\u00a0to offer crypto derivatives, including perpetual futures, in Europe. The deal came after a lengthy battle to buy the European arm of the bankrupt exchange.<\/p>\n Backpack CEO Armani Ferrante\u00a0explained at the time that the firm would return FTX EU funds as fast and as safely as possible. Shortly after the acquisition, Backpack clashed with the FTX estate<\/a> over ownership rights to FTX EU.<\/p>\n The US-based FTX estate claimed at the time that the shares of FTX EU remain under the ownership of FTX Europe AG, a subsidiary of FTX. According to the statement, the previously announced transfer of shares to FTX EU\u2019s co-founders, Patrick Gruhn and Robin Matzke, had not yet occurred.<\/p>\n \u201cAs of today, 100% of the share capital of FTX EU is held by FTX Europe AG, an FTX subsidiary,\u201d the FTX estate claimed.<\/p>\nA long process<\/h2>\n
Backpack\u2019s involvement with FTX EU<\/h2>\n