Backpack Exchange Enables FTX EU Creditors to Withdraw Euro Funds After Acquisition, Expanding Crypto Derivatives in Europe
Backpack Exchange has begun processing euro withdrawals for eligible FTX EU creditors following its acquisition of FTX EU in January 2025. This move positions Backpack as the primary platform for redistributing the former exchange’s remaining customer funds amid FTX EU’s restructuring. To access withdrawals, users must create a Backpack account and complete KYC verification, ensuring their identity matches previous FTX EU records; discrepancies require resolution with support services. The claims process opened on April 1, with no official submission deadline announced. Only users who registered with FTX EU on or after March 7, 2022, are eligible, and others must refer to original terms of service. The acquisition aims to expand Backpack’s crypto derivatives trading in Europe, yet the transfer remains under legal scrutiny as the FTX estate contests ownership. Although the recovery process offers hope for affected users to reclaim frozen funds, the final recovery percentage and payout timeline remain unknown. This development could improve market sentiment for former FTX EU users and influence regional crypto trading dynamics, especially in European markets.
Neutral
This news allows eligible FTX EU customers to withdraw some of their frozen euro funds, which may slightly improve confidence among affected claimants and bring localized relief to former customers. However, key market uncertainties remain—such as legal disputes over the acquisition, unclear recovery percentages, and lack of a payment deadline. The access is limited only to a subset of users, and no details are provided about the impact on broader crypto market liquidity or prices. Therefore, while it provides a positive development for a niche segment, it does not signal a strong bullish or bearish effect on the broader crypto market.