FTX Europe: Customers Can Now Initiate Their Claims Via Backpack

Good news for European customers of FTX: Backpack, which acquired the European subsidiary of the bankrupt exchange, is finally starting the process that allows users to recover their funds. Users can now begin the first phase of the claims process.

Backpack opens a claims process for former FTX EU users

Backpack officially launched the first phase of the claims process for former users of FTX Europe on April 1st. This announcement comes a few months after Backpack’s acquisition of the European branch of the bankrupt exchange was completed in January 2025.

To recover their funds, users must follow a clearly defined process:

• Create an account on the Backpack platform at eu.backpack.exchange
• Submit KYC (Know Your Customer) information
• Connect this new account to their old FTX EU claims account

This first phase is essential for verifying the identity of applicants before any distribution of funds.

No deadline has been set for this initial phase, allowing users the necessary time to complete these steps. However, Backpack has not yet communicated a specific schedule regarding the actual start of distributions, which will constitute the second phase of the process.

Users will have to pay withdrawal fees of €5 for claims under €2000, and 0.25% of the amount for sums above that.

Important clarifications on eligibility and scope of reimbursements

It is crucial to note that these reimbursements only concern balances in fiat currencies (euros, dollars, etc.) and pending fiat withdrawals. Users holding cryptocurrencies on FTX EU must instead turn to FTX International via the procedure claims.ftx.com to recover their digital assets.

According to the clarifications provided by Backpack, all positions were closed using market prices at the time of the exchange’s closure, and each was settled in euros.

Users with pending crypto withdrawals as of November 11, 2022, should have filed a claim with the bankruptcy procedure of FTX in the United States.

Furthermore, Backpack does not consider residents of the European Union registered with FTX before March 7, 2022, as FTX EU customers. These users should therefore file their claims with FTX International, not with Backpack. This distinction is important for determining the procedure to follow.

This initiative by Backpack represents a significant advancement for European victims of the FTX collapse that occurred nearly three years ago.

While BitGo and Kraken have already begun to make reimbursements of FTX Digital Markets last February, and the bankruptcy administrators plan a new series of distributions on May 30 in the United States, European customers are finally seeing a glimmer of hope for recovering their funds.