Crypto exchange Backpack has opened the long-awaited withdrawal window for former FTX EU customers. The move enables affected users to reclaim their trapped euro balances via a two-step procedure.
Following FTX’s collapse in November 2022, Backpack Exchange acquired FTX EU to reactivate its CySEC license. It also planned to honor customer claims independently of the U.S. bankruptcy proceedings. Recall that CTW reported that BitGo and Kraken will assist in distributing payouts to customers in the U.S and other supported regions.
Backpack Launches Withdrawal Process
The process requires users to first complete identity verification. This phase went live on April 1, 2025. It allows customers to register on Backpack’s EU portal and upload government-issued identification and proof of address.
Upon successful KYC approval, users may proceed to the second phase, where they will provide their bank account information and a recent bank statement. Backpack will then use these details to initiate fund transfers. Notably, the initiative represents a key milestone in returning over €100 million in frozen fiat funds to European users.
However, Backpack’s verification portal requires that all personal details match those on file with FTX EU. The exchange claims it will ensure a secure linkage between historical claims and current withdrawals. The platform further cautions that discrepancies in name, address, or documentation may result in processing delays or requests for additional information.
Charged Yet Delayed Payouts
The exchange has set a flat fee of €5 for claims under €2,000 and a rate of 0.25 percent for larger amounts, with fees capped to prevent excessive costs. These fees are deducted directly from the withdrawal amount before transfer. The firm claims the fees are for its banking partners, and levies nothing extra.
Despite the fee charge and the claim that the withdrawals are active, Backpack warns customers of possible delays during the initial rollout phase. Interestingly, while the European financial regulations may handle unclaimed funds, no deadline has been set.
Meanwhile, European residents who signed up to FTX before March 7, 2022, must use the FTX International claims portal. Those who opened accounts on or after that date are eligible through Backpack EU.
Notably, FTX’s post-bankruptcy recovery efforts have witnessed aggressive litigation, including recent lawsuits filed against NFT Stars and Delysium. In early April, FTX cancelled over $2.5 billion worth of unverified creditor claims, citing missed KYC deadlines.
