Crypto exchange Backpack has initiated the first phase of the claims process for former FTX users in Europe.
According to an April 1 announcement, users will need to create an account on the exchange, submit Know Your Customer information, and connect it to their FTX EU claim account.
Backpack has not set a deadline for this phase of the claims process and has yet to provide a timeline for when distributions will begin. Users will face a withdrawal fee of €5 ($5.39) for claims under €2,000 ($2,158) and 0.25% for amounts above it.
Source: Armani Ferrante
Backpack acquired FTX EU in January 2025 to offer crypto derivatives, including perpetual futures, throughout Europe. The acquisition marked the end of a lengthy battle to buy the European arm of the bankrupt exchange.
Backpack CEO Armani Ferrante said at the