Backpack Opens FTX EU Funds Reclamation, KYC Verification Required

Backpack, a crypto exchange, has announced that customers of the defunct FTX EU can now begin reclaiming their funds through its platform. According to a May 12 post, users who selected Backpack as their redistribution platform can now claim their euro balance. However, users must first complete Know Your Customer (KYC) verification on the exchange before they can withdraw funds. The KYC details on the platform must match the ones provided to FTX EU to ensure a smooth verification process and avoid delays in accessing the distribution.

Backpack opened the claim process for former FTX EU exchange users on April 1. To access their claim through the platform, users had to create an exchange account and go through the KYC checks. No deadline has been set for users going through the process. It is important to note that not all European Union-based FTX users are FTX EU users. Those who signed up to FTX before March 7, 2022, are not FTX EU users unless they later specifically signed up on the FTX EU platform. The documentation states that generally, EU-based users who signed up to FTX on or after March 7, 2022, are FTX EU customers, in which case they should make their claim with FTX EU. However, some EU-based users signed up to FTX International after March 7, 2022, and the exchange recommends checking the terms of service to determine which FTX platform they signed up for.

Backpack acquired FTX EU in January 2025 to offer crypto derivatives, including perpetual futures, in Europe. The deal came after a lengthy battle to buy the European arm of the bankrupt exchange. Backpack CEO Armani Ferrante explained at the time that the firm would return FTX EU funds as fast and as safely as possible. Shortly after the acquisition, Backpack clashed with the FTX estate over ownership rights to FTX EU. The US-based FTX estate claimed that the shares of FTX EU remain under the ownership of FTX Europe AG, a subsidiary of FTX. According to the statement, the previously announced transfer of shares to FTX EU’s co-founders, Patrick Gruhn and Robin Matzke, had not yet occurred. As of the time of the statement, 100% of the share capital of FTX EU was held by FTX Europe AG, an FTX subsidiary.