Backpack allows former FTX EU users to reclaim euro balances after KYC verification, following its acquisition of the bankrupt crypto platform’s EU arm.
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Crypto exchange Backpack announced that customers of the defunct crypto exchange FTX EU can begin reclaiming their funds through its service.
According to a May 12 X post, Backpack now allows FTX EU users who selected it as the redistribution platform to claim their euro balance. Users must first complete Know Your Customer (KYC) verification.
Backpack’s support page also said that the KYC details on the platform must match the ones provided to FTX EU:
“If they do not, you will need to contact Backpack EU support at support@eu.backpack.exchange to update your Backpack EU account to reflect the same information used for your FTX EU claim. This ensures a smooth verification process and avoids delays in accessing your distribution.”
Related: Former FTX exec’s wife says gov’t ‘induced a guilty plea’
FTX EU claims process begins
Backpack opened the claims process for former FTX EU exchange users on April 1. To access their claims through the platform, users had to create an exchange account and go through the aforementioned KYC checks. No deadline has been set for users going through the process.
The support page clarifies that not all European Union-based FTX users are FTX EU users. Those users 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:
“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.“
Still, no rule is set in stone. Backpack explained that some EU-based users signed up to FTX International after March 7, 2022. The exchange recommends checking the terms of service to determine which FTX platform they signed up for.
Related: FTX says Backpack acquisition of EU arm has not been approved by court
Backpack’s involvement with FTX EU
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 at the time that the shares of FTX EU remained 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 today, 100% of the share capital of FTX EU is held by FTX Europe AG, an FTX subsidiary,” the FTX estate claimed.
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