Backpack Opens Withdrawal Window for Former FTX Europe Customers

Crypto platform Backpack has officially opened a withdrawal window for former FTX Europe customers, marking a pivotal step in efforts to recover lost funds for users affected by the exchange's collapse across Europe.

The claims process began on May 12, following Backpack’s acquisition of FTX’s European subsidiary in January 2025.

In an announcement published on its website, Backpack stated that Trek Labs Europe LTD (formerly FTX EU LTD) has now started processing withdrawals for former FTX EU customers.

The company clarified that affected users can now initiate a two-step process to reclaim their frozen euro balances through a dedicated portal. At this stage, withdrawals are limited to euro-denominated funds only, with crypto withdrawals not supported.

This development follows Backpack's identity verification process launched in April, which formed the first phase of restoring user access to frozen assets. Creditors must select the option "Request FTX EU Withdrawal" on the platform’s European exchange to start their claim.

Once initiated, users are required to fill out a form with their banking details, including uploading a bank statement dated within the last three months. This document must clearly display the account holder’s full name, IBAN, and registered address. All submitted information must match the data provided in the application form.

Withdrawal Fees & Conditions

Backpack emphasized that withdrawal fees will apply to all claims. These fees are set by banking partners and vary depending on the withdrawal amount:

• €8 for transactions up to €2,000
• €13 for amounts between €2,001 and €50,000
• For claims exceeding €50,001, a fee of €13 plus 0.1% of the additional amount will be charged, with total fees capped at €353.

The platform assured users that no extra fees are added beyond those charged by banking partners.

Potential Delays & Regulatory Compliance

Backpack also cautioned that processing delays may occur due to high demand and banking service limitations, especially during the initial stages of withdrawal operations.

While no specific deadline has been set for filing claims, Backpack noted that any unclaimed funds will eventually be handled in accordance with applicable financial regulations.