FTX EU Creditors Can Now Withdraw Funds Through Backpack
Following a tumultuous period, FTX EU customers can now breathe a sigh of relief. Backpack exchange, which acquired the defunct FTX EU arm in January 2025, has finally opened the door for creditors to reclaim their funds. The platform announced that FTX EU users who selected Backpack as their redistribution platform can now claim their euro balances.
The process requires users to complete Know Your Customer (KYC) verification on the Backpack platform before they can withdraw their funds. This step is crucial to ensure the safety and security of the funds being distributed.
Backpack’s support page emphasizes the importance of matching KYC details provided to FTX EU with those on the Backpack platform. If discrepancies exist, users must contact Backpack EU support to update their accounts to reflect the same information used for their FTX EU claim. This avoids delays in accessing the distribution.
A Long Road to Recovery
The claim process for former FTX EU exchange users began on April 1. Users had to create an exchange account and go through KYC checks to access their claims. While no official deadline has been set for this process, it represents a significant milestone for FTX EU creditors who have been patiently awaiting their funds.
It’s important to note that not all European Union-based FTX users qualify as FTX EU users. Those who signed up to FTX before March 7, 2022, are not considered FTX EU users unless they specifically registered on the FTX EU platform later.
Backpack’s Acquisition and the Ongoing Saga
Backpack’s acquisition of FTX EU was a complex undertaking, marked by several legal battles and a clash with the FTX estate over ownership rights. The US-based FTX estate initially claimed that the shares of FTX EU remained under the ownership of FTX Europe AG, a subsidiary of FTX. However, Backpack’s acquisition of FTX EU was ultimately approved, opening the door for the platform to facilitate the return of funds to creditors.
Backpack’s CEO, Armani Ferrante, has maintained that the company is committed to returning funds as quickly and safely as possible. This latest development marks a significant step towards achieving that goal and providing a much-needed resolution for FTX EU customers who have been grappling with the fallout from the exchange’s collapse.
