Backpack Exchange has initiated the fund withdrawal process for former FTX EU users, enabling them to begin claiming their funds starting May 12, 2025.
Initiation of Fund Withdrawal Process
Backpack Exchange has officially launched the fund withdrawal process for former FTX EU users, allowing them to start claiming their funds from May 12, 2025, following the acquisition of FTX EU for $32.7 million.
Mandatory Verification
To access their funds, former FTX EU users must complete a mandatory Know Your Customer (KYC) process and two-step verification. Customers are required to register through the Backpack EU official platform using the same email address they used during their FTX EU activities. Backpack clarified that signing up alone will not initiate a claim.
Terms and Conditions of Payments
Backpack Exchange confirmed that all repayments will be made in euros, not cryptocurrencies. Customers with claims below €2,158 will incur a flat withdrawal fee of €5.39. For claims above that threshold, a 0.25 percent fee applies. It was also noted that euro fund withdrawals are necessary to complete the process.
Despite the initiation of payouts by Backpack Exchange, the FTX estate raised objections, stating that Backpack Exchange was not part of the court-approved distribution plan and criticized the firm for proceeding without official authorization.
