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Backpack has officially opened the pathways for former FTX EU users to reclaim their euros, offering newfound hope amid the platform’s tumultuous past.
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The exchange’s initiative follows its acquisition of FTX EU, facilitating a streamlined process for displaced users to access their frozen assets.
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According to Backpack CEO Armani Ferrante, “Our priority is to ensure a swift and transparent recovery for FTX EU users.”
Backpack enables ex-FTX EU clients to recover euro balances post-KYC verification, ensuring a smooth funds reclamation process after the acquisition.
Reclaiming Assets: The Backstory
As of April 1, Backpack has been facilitating claims for users of the defunct FTX EU exchange after acquiring its EU arm. To initiate the process, users must create an account and complete Know Your Customer (KYC) verification. This verification is essential, as it ensures that claims are securely matched to the rightful owners, safeguarding user assets.
Understanding the KYC Requirements
The KYC verification process requires that personal details align with the information previously registered with FTX EU. It is advised that users ensure their Backpack account matches this data to prevent delays. Should discrepancies arise, Backpack offers support for updates, fostering an efficient resolution for users.
The Nuances of Classifying FTX EU Users
Backpack has emphasized that not all European users of the FTX platform are entitled to the claims process. Only those who registered on or after March 7, 2022, qualify as FTX EU users and are eligible to reclaim balances. This distinction is crucial, as improper classification may lead to claims being denied.
Timeline and Next Steps for Users
No set deadline currently exists for the claims, allowing users to complete their KYC checks at their convenience. However, users are urged to act promptly to facilitate a smooth recovery of their funds. The urgency is amplified by the fact that many former FTX clients have faced lengthy waits for asset recovery since the platform’s abrupt collapse.
Backpack’s Strategic Acquisition of FTX EU
In an impetus to bolster its offerings, Backpack acquired FTX EU in January 2025, aiming to diversify its services by including crypto derivatives and perpetual futures for European traders. Despite facing battles over ownership rights, Backpack’s leadership remains committed to navigating the complexities to deliver users their funds expediently.
Navigating Challenges Post-Acquisition
Backpack’s acquisition faced scrutiny from the FTX estate, which contended that ownership rights had yet to transfer fully. Despite this, Armani Ferrante has expressed optimism about the path forward, emphasizing the importance of transparency and user trust. Backpack is working diligently to uphold its promise of returning funds while navigating legal and regulatory hurdles.
Conclusion
In summary, Backpack’s initiative to recover euro balances for former FTX EU users is a significant step towards restoring confidence in the cryptocurrency landscape. As users engage in the claims process, their ability to successfully reclaim funds hinges on ensuring adherence to KYC protocols and prompt action. With continued efforts from Backpack, there’s hope for a resolution that prioritizes user security and recovery.
