Backpack rolls out claims process for former FTX EU customers

Backpack has announced a two-step claims process for former FTX EU users. The process will see users get distributions of euro funds if they held assets on the collapsed FTX exchange’s EU platform. Backpack acquired FTX EU in January 2025. Backpack has officially launched a claims process for former FTX EU customers. The regulated crypto […] The post Backpack rolls out claims process for former FTX EU customers appeared first on CoinJournal.

Apr 1, 2025 - 14:45

Backpack rolls out claims process for former FTX EU customers

Backpack has announced a two-step claims process for former FTX EU users.
The process will see users get distributions of euro funds if they held assets on the collapsed FTX exchange’s EU platform.
Backpack acquired FTX EU in January 2025.

Backpack has officially launched a claims process for former FTX EU customers.

The regulated crypto exchange that announced the acquisition of FTX’s Europe-based arm early this year revealed the news via a post on X on April 1, 2025.

According to Backpack, former FTX customers can now enrol in a two-step process to participate in a claims distribution for the EU users of the collapsed FTX exchange.

The launch of the claims process targeting FTX EU users comes on the back of similar efforts for the global user base of the collapsed exchange.

Backpack announces claims steps for FTX EU users

Step one of the Backpack EU funds redistribution effort will see claimants undergo a verification process.

This stage is now live and requires users to complete identity verification via a claims page provided by Backpack.

Once users go through step 1, the next part of the process will involve the withdrawal of funds.

Notably, this step is not live yet, which means Backpack EU will roll out customer withdrawals at a later date.

“Former FTX EU customers may now begin the two-step process to claim their Euro funds via Backpack EU. Step 1, identity verification, is live,” the Backpack team posted on X.

Backpack announced its acquisition of FTX EU in January 2025, noting the deal received regulatory approval from the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC).

This meant the exchange was taking over MiFID II-licensed FTX EU, the European Union-regulated arm of the now-defunct FTX exchange.

The claims process for Euro funds by EU customers aligns with broader efforts to return funds to FTX creditors.

On February 18, 2025, FTX announced the commencement of initial distributions to holders of allowed claims.

FTX’s bankruptcy estate also marked April 11, 2025, as the record date for its next distribution.

(2/3) FTX also announced the anticipated record date for the next distribution will be April 11, 2025 for holders of allowed claims of FTX’s Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims as defined in the Plan.
— FTX (@FTX_Official) February 18, 2025

FTX, once among the world’s largest crypto exchanges, saw a dramatic collapse in November 2022, leaving millions of users worldwide harmed.

The complex bankruptcy process that followed continues to unfold. However, Backpack’s initiative isn’t part of the FTX estate’s process.

“If you are a former user of the FTX trading platform and you reside in the European Union, you may have been a customer of either FTX EU or FTX International, depending on when and how you signed up to become a client and what types of assets you held on FTX. As a reminder, Backpack has no involvement in the FTX estate’s U.S. bankruptcy proceedings,” Backpack notes on its website.

The frequently asked questions page also addresses issues on how to claim and receive funds.

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