- Backpack Trade has formally launched fund withdrawals for former FTX EU customers beginning Might 12, 2025.
- Customers should full KYC with their outdated FTX EU particulars earlier than claiming obtainable funds.
Backpack Trade has lastly opened the withdrawal course of for former FTX EU customers beginning Might 12, 2025. That is no atypical announcement—for the hundreds of customers who’ve been ready for readability since FTX collapsed nearly three years in the past, this could possibly be a lightweight on the finish of a darkish tunnel.
Former FTX EU prospects could now full the two-step course of to say their Euro funds by way of Backpack EU.
1. Get Verified
2. Withdraw Funds
Begin right here: https://t.co/qvUDpbs6oi pic.twitter.com/26Bkk2Zum3
— Backpack 🎒 (@Backpack) Might 12, 2025
FTX EU Withdrawals Formally Start, Backpack Prepares Closing Steps
The method begins by way of a particular web page, the place customers are requested to finish identification verification or KYC with the identical knowledge as after they registered with FTX EU. After passing the verification, the stability in euros instantly seems on the dashboard of every account. All that continues to be is to attend for the distribution of funds, then customers can withdraw their funds to their financial institution accounts.
However wait, it’s not that easy in the event you’re late. The CNF beforehand reported that FTX had disqualified 392,000 claims as a result of customers missed the KYC deadline set on March 3, 2025. Nonetheless, there may be nonetheless a breather for many who have already began the method: the deadline for finishing KYC has been prolonged to June 1, 2025.
However, Backpack additionally applies a assorted withdrawal payment scheme. Withdrawals below €2,000 are charged an €8 payment. Bigger quantities have their very own payment construction with a most of €353. It’s not sophisticated, nevertheless it’s positively price trying out earlier than you hit the withdraw button.
Lawsuits, Collectors, and a Lengthy Path of Restoration
Moreover, the withdrawal course of really comes amidst numerous different authorized and monetary developments nonetheless swirling round FTX.
On Might 8, 2025, US District Choose Okay. Michael Moore dominated to dismiss many of the lawsuits towards celebrities accused of selling FTX with out transparency about their charges. Names like Tom Brady and Stephen Curry had been briefly named as defendants, however solely two of the fourteen claims had been pursued.
Curiously, legal professional Adam Moskowitz referred to as the result a “partial victory” and plans so as to add extra names to the record of defendants—together with Main League Baseball and System 1 Racing. The authorized drama will not be over but, it’s getting longer.
In the meantime, from the creditor aspect, FTX itself promised that funds to them would start on Might 30, 2025. The quantity collected is not any joke—round $11.4 billion in money is able to be distributed. Precedence is given to institutional buyers and different giant entities which have belongings sitting on the platform. However don’t fear, particular person collectors with claims below $50,000 have additionally began receiving funds earlier.
That is all a part of an enormous restructuring that was authorised on January 3, 2025, when US Chapter Choose John Dorsey authorised a cost plan price greater than $14 billion. In actual fact, they promised funds of greater than 100% to non-government collectors—one thing that hardly ever occurs in chapter instances.
Nonetheless, Backpack EU nonetheless has to attend for the inexperienced mild from the Cypriot authorities. Till now, their working license continues to be suspended till not less than Might 30, 2025. Throughout that point, they can not settle for new customers or supply any further providers exterior of declare settlement.
So, despite the fact that there was nice progress, there are nonetheless numerous limitations that stop their steps from being utterly free.
