Key Takeaways
- The platform confirmed that eligible customers may begin reclaiming their funds starting May 12, 2025.
- The exchange stated that there is no official deadline to file a claim
Backpack Exchange has begun processing withdrawals for users of the now-defunct FTX EU. The platform confirmed that eligible customers may begin reclaiming their funds starting May 12, 2025. This follows Backpack’s acquisition of FTX EU in January 2025 for approximately $32.7 million.
A total of $55 million has been allocated for distribution to FTX EU customers affected by the 2022 collapse. To begin the claims process, users are expected to complete Know Your Customer (KYC) verification through a new portal set up by Backpack. The KYC information must exactly match what was previously submitted to FTX EU.
As per official statement, claims will be paid out in euros. The platform clarified that no crypto-based redemptions will be issued. Customers with claims up to Euro 2,000 will pay a flat withdrawal fee of Euro 8.
For claims between Euro 2,001 and Euro 50,000, the fee is Euro 13. Amounts exceeding Euro 50,001 incur a €13 charge plus 0.1% of the excess amount, with a maximum total fee of €353. These fees are determined by Backpack’s banking partners.
To complete a withdrawal, users must select the “FTX EU Withdrawal Request” option and upload a bank statement no older than three months. The document must show the user’s name, IBAN, and address matching the claim details.
The exchange stated that there is no official deadline to file a claim. However, unclaimed funds may eventually be processed under applicable financial laws. Users who had pending transactions with FTX US or FTX International are not eligible to claim through Backpack. Claims for those users must be filed with the FTX Recovery Trust.
Only individuals who signed up to FTX EU on or after March 7, 2022, are considered customers of FTX EU. Users who joined FTX prior to that date are advised to review their eligibility based on the terms of service they accepted at the time of account creation.
Backpack completed the acquisition of FTX EU to expand its offerings in the European market. However, the FTX estate has disputed the ownership of FTX EU, claiming that its shares remain with FTX Europe AG, a subsidiary of FTX.
No specific timeline has been announced for when all claims will be processed, though users have been advised of potential delays due to traffic volume and banking limitations.
