Backpack Initiates FTX EU Identity Verification For Claimants

Backpack, a prominent crypto exchange, has initiated the identity verification process for users of the now-defunct FTX EU platform. This development marks a significant step in the repayment process for claimants affected by the collapse of FTX EU. The verification process is the first crucial step in the claims procedure, allowing Backpack to confirm the identities of those seeking to recover their funds. This move is particularly important for individuals who were impacted by the FTX EU fallout, as it represents a potential pathway to reclaiming their assets.

The launch of this verification process comes after Backpack acquired the European arm of FTX, a move that has been closely watched by the crypto community. The acquisition was part of a broader effort to manage the bankruptcy recovery of FTX, and the initiation of the identity verification process is a key milestone in this effort. By verifying the identities of claimants, Backpack aims to ensure that the repayment process is conducted in a secure and transparent manner, protecting both the interests of the claimants and the integrity of the crypto exchange.

According to Backpack’s website, claimants must complete KYC (Know Your Customer) verification using the same email address they used on FTX EU. This requirement aims to confirm the legitimacy of each claim and prevent fraudulent requests. Meanwhile, the second step, which involves fund withdrawals, has yet to be announced. Backpack stated that further instructions would follow soon. The CEO of Backpack, Armani Ferrante, emphasized the company’s commitment to returning funds as quickly and safely as possible, stating that the company is ready to answer any questions along the way.

This development is likely to be welcomed by those who have been waiting for a resolution to the FTX EU collapse, as it provides a clear path forward for recovering their assets. The verification process is a necessary step in the claims procedure, as it helps to prevent fraud and ensure that funds are distributed to the rightful owners. By taking this step, Backpack is demonstrating its commitment to a fair and transparent repayment process, which is essential for rebuilding trust in the crypto community.

Backpack’s involvement with FTX EU began in January 2025 when a bankruptcy court approved its request to acquire the entity. The acquisition also granted Backpack access to the MiFID II license held by FTX EU under the Cyprus Securities and Exchange Commission. This regulatory approval allows Backpack to offer compliant crypto derivatives, including perpetual futures, across the European Union. Backpack agreed to manage the claims and reimbursements owed to FTX EU customers as part of the acquisition deal. At the time, Ferrante emphasized that the company’s responsibility was to restore user funds, essential to rebuilding trust in the digital asset industry.

This development comes as the broader FTX estate prepares for its first round of large creditor repayments. The bankrupt exchange plans to disburse claims over $50,000 by May 30, more than two years after its collapse in November 2022. FTX has stated that most claimants will recover 118% of their debts based on values from the bankruptcy filing date. However, some creditors argue that the figure does not reflect the rise in crypto prices since then.