- Backpack Exchange begins fund withdrawals for former FTX EU users after completing its $32.7 million acquisition in January 2025.
- All eligible users must complete a mandatory KYC form and two-step verification to claim part of the allocated $55 million in euros.
- Claims below $2,158 face a flat fee, while higher amounts incur a percentage fee, with repayments limited to verified FTX EU accounts.
Backpack Exchange has officially launched the withdrawal process for former users of FTX EU, allowing eligible customers to begin claiming their funds from May 12, 2025. The launch follows the exchange’s acquisition of FTX EU earlier this year for $32.7 million.
The acquisition of FTX EU was completed in January 2025, more than two years after the collapse of FTX. Backpack Exchange has now taken on the responsibility of distributing approximately $55 million to affected customers. The exchange emphasized that the distribution is only for customers linked to FTX’s European arm and not to FTX US or international operations.
Mandatory KYC and Two-Step Verification Required
To access the funds, former FTX EU users must complete a mandatory Know Your Customer (KYC) process and a two-step verification. Customers must also register through Backpack EU’s official platform using the same email address used during their FTX EU activity. Backpack stated that signing up alone will not initiate a claim.
Backpack Exchange confirmed that all repayments would be made in euros, not cryptocurrencies. Customers with claims under $2,158 will be charged a withdrawal fee of $5.39. For claims above that threshold, a 0.25 percent fee will apply. The firm added that euro fund withdrawals are required to complete the process.
Eligibility: Limited to Verified FTX EU Users
According to Backpack, only users identified as FTX EU customers before March 7, 2022, are eligible for repayment under the current program. Those with pending withdrawals as of November 11, 2022, are directed to pursue claims through the FTX Recovery Trust, a separate process outside of Backpack’s operations.
Despite Backpack’s move to begin customer payouts, the FTX estate has raised objections. It stated that Backpack Exchange was not part of the court-approved distribution plan and criticized the firm for initiating withdrawals without official authorization from the bankruptcy court.
Backpack Exchange confirmed that it would notify eligible users by email about the repayment schedule. The firm’s support team is assisting users through the sign-up and verification process, ensuring they meet the criteria for fund withdrawal.
