Backpack crypto exchange has initiated a claims process for former FTX EU users, allowing them to recover their funds.
This process began on April 1, 2025, following regulatory approvals from the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC).
The first step involves users verifying their identity through a Know Your Customer (KYC) process. This is now live and accessible via Backpack's claims page.
Once identity verification is complete, users will be able to withdraw their funds. However, this step is not yet live, and Backpack will provide further instructions when it becomes available.
Users who signed up for FTX before March 7, 2022, are not considered FTX EU customers and should file their claims with FTX International.
There will be a withdrawal fee of €5 for claims under €2,000 and 0.25% of the total amount for larger claims.
All positions were closed using market prices at the time FTX was shut down, and settlements are in euros.
The process is expected to be complex and potentially lengthy due to legal and regulatory hurdles, the complexity of FTX's financial situation, and potential verification backlogs.
Despite these challenges, the initiation of the claims process is seen as a positive step towards recovering assets for affected users.
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