Backpack begins claims process for FTX EU users with no deadline

Crypto exchange Backpack has launched the first phase of its claims process for former FTX (CRYPTO:FTT) EU users, following its acquisition of the European arm of the defunct FTX exchange in January 2025.

The move is part of Backpack's efforts to return funds to affected customers and restore confidence in the crypto sector.

According to an April 1 announcement, former FTX EU users must create a Backpack account, complete Know Your Customer (KYC) verification, and link it to their FTX EU claim account.

The claims process is currently open-ended, with no deadline set for submissions or a timeline for fund distributions.

Withdrawal fees have been outlined, with €5 ($5.39) charged for claims under €2,000 ($2,158) and 0.25% for larger amounts.

Backpack acquired FTX EU after receiving approval from the Cyprus Securities and Exchange Commission (CySEC) and the FTX bankruptcy court.

The acquisition granted Backpack access to MiFID II licensing, enabling it to offer compliant crypto derivatives across Europe.

As part of the deal, Backpack assumed responsibility for managing claims and reimbursements owed to FTX EU customers.

Backpack CEO Armani Ferrante emphasised the company’s commitment to returning funds safely and efficiently.

“Returning funds as quickly and safely as possible is our number one priority,” Ferrante stated.

The claims process comes amid broader repayment efforts by the FTX estate, which plans its next round of distributions on May 30.

These payments will target creditors under Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims.

While some customers have expressed confusion over whether their funds will be distributed by Backpack or other entities such as Kraken or BitGo, this initiative marks a significant step in addressing the fallout from FTX’s collapse in November 2022.

As Backpack continues its phased approach, further instructions on fund withdrawals are expected in the coming months.

At the time of reporting, the FTX (FTT) price was $1.08.