Backpack EU Opens Euro Withdrawals for Former FTX EU Customers

Backpack Exchange has officially launched the withdrawal process for former FTX European customers. This development marks a significant milestone in the ongoing efforts to return funds following FTX’s collapse in 2022.

According to the exchange, the process began on May 12, 2025. Eligible users can now reclaim their Euro-denominated funds through a streamlined two-step procedure.

Withdrawals for Former FTX EU Users

Former FTX EU users should register on Backpack EU’s dedicated claims portal to begin the withdrawal process. They must use the same email address associated with their original FTX EU account. This step is necessary to verify their identity and link their claims accurately. Following registration, users must complete a Know Your Customer (KYC) verification to ensure compliance with regulatory standards.

Once verified, users can withdraw their funds via supported payment methods. The firm highlighted that the repayment process might take a long time because of bank processing times and limits.

“We anticipate high demand during this initial rollout, which may result in delays due to bank processing times and limits,” they stated.

Backpack Exchange and FTX

Earlier this year, Backpack Exchange finalized the acquisition of FTX EU for $32.7 million. The deal received approvals from both the Cyprus Securities and Exchange Commission (CySEC) and the FTX bankruptcy court. Backpack EU assumed responsibility for distributing funds in court-approved bankruptcy claims to FTX EU customers as part of this acquisition.

Backpack exchange was founded by former FTX and Alameda Research employees. The CEO, Armani Ferrante, emphasised that the firm is committed to returning funds swiftly and securely to restore trust.

FTX, the once-renowned crypto exchange, crashed and filed for bankruptcy protection in 2022. On February 18, 2025, the company began its first round of repayments to creditors with plans to key creditors by the end of May 2025.

The exchange’s collapse sent shock waves across the broader crypto market. It also left investors with massive losses amounting to billions of dollars. The firm’s founder, Sam Bankman-Fried (SBF), was sentenced to 25 years in prison.

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