Source: Cointelegraph Original: "{title}"

The cryptocurrency exchange Backpack has launched the first phase of the claims process for former FTX users in Europe.

According to an announcement on April 1, users need to create an account on the exchange, submit their "Know Your Customer" (KYC) information, and link it to their FTX EU claims account.

Currently, Backpack has not set a deadline for this phase, nor has it provided a specific timeline for when allocations will begin. Users will face the following fees when withdrawing: users claiming amounts below 2000 euros (approximately 2158 dollars) will incur a fixed fee of 5 euros (approximately 5.39 dollars); for amounts exceeding 2000 euros, a fee of 0.25% will apply.

Source: Armani Ferrante

Backpack completed its acquisition of FTX EU in January 2025, aiming to provide cryptocurrency derivative services, including perpetual contracts, to the European market. This acquisition marked the end of the company's long acquisition battle for the European branch of the bankrupt exchange.

Backpack CEO Armani Ferrante stated at the completion of the acquisition in January 2025 that the company is committed to returning FTX EU customers' funds in the fastest and safest manner possible.

However, FTX creditor activist Sunil Kavuri pointed out in an interview with Cointelegraph that the deal has brought "more confusion and anxiety" regarding the repayment of FTX EU customers and their funds.

Kavuri stated, "Some FTX EU customers had registered with these distributors, and they are confused about who is responsible for returning the funds—Backpack, Kraken, or Bitgo."

According to the information on Backpack's official website FAQ page, specific details regarding allocation amounts are as follows: all positions will be settled at market prices at the time the exchange closes and will be cleared in euros.

Additionally, users who had incomplete cryptocurrency withdrawals as of November 11, 2022, should submit claims in the U.S. bankruptcy proceedings of FTX. These users may be eligible for allocations from the FTX Recovery Trust, but Backpack is not involved in this process.

Meanwhile, EU residents who registered with FTX before March 7, 2022, are not considered FTX EU customers and should submit claims to FTX International instead of through Backpack.

FTX Digital Markets (operating independently from FTX EU) completed its first round of repayments on February 18, assisted by exchanges BitGo and Kraken. This round of repayments targeted members of the "Convenience Class," which includes users with claims below 50,000 dollars.

According to the arrangements in the FTX U.S. bankruptcy proceedings, the next round of repayments is scheduled to begin on May 30, covering Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims creditors. FTX is expected to use 11.4 billion dollars for these payments.

Related: Former FTX CEO transferred to transit prison after interview

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