• FTX EU users who joined after March 7, 2022, can now withdraw euro balances via Backpack.

  • Withdrawal fees are set based on the amount, with caps at €353.

  • Legal disputes continue over Backpack’s acquisition of FTX EU, delaying the final resolution.

Former FTX EU users can now access frozen euro balances through Backpack following months of delays. Backpack began processing withdrawals on May 12, marking a key step in unlocking funds trapped since the collapse of FTX in 2022. After passing strict identity checks, the feature allows eligible users to claim euro-denominated balances.

Backpack Activates Euro Withdrawals for FTX EU Clients

Backpack confirmed that only balances in euros are eligible for withdrawal. Crypto assets remain inaccessible under current procedures. Users must complete Know Your Customer (KYC) verification and follow a two-step claims process. The claim process begins by selecting “FTX EU Withdrawal Request” on the Backpack EU website. 

https://twitter.com/Backpack/status/1921820800912425095

Users must upload a valid bank statement that includes their name, IBAN, and address. These details must match the original FTX EU account records. Incorrect or mismatched records will delay verification. Users are encouraged to contact support if they need to update account information.

Only FTX EU users who joined after March 7, 2022, can file a withdrawal request. Earlier customers are not covered. The KYC onboarding process began in April as part of the broader claims rollout. Users must check the original FTX EU terms of service to confirm eligibility. No deadline has been announced for filing withdrawal requests. However, Backpack stated that local financial regulations could later govern any unclaimed balances.

Withdrawal Fees Structured by Claim Amounts

Fees vary depending on the amount being withdrawn. For claims up to €2,000, the fee is €8. For amounts between €2,001 and €50,000, the set fee is €13. Larger claims incur €13 plus 0.1% of amounts exceeding €50,001. 

The fee cap is fixed at €353. Backpack clarified that it does not collect additional charges beyond those its banking partners impose. Processing times may vary due to traffic and external banking limits. Despite the withdrawal launch, legal challenges surround Backpack’s acquisition of FTX EU. 

The FTX estate maintains that FTX EU shares are still under FTX Europe AG's control.  It disputes the legitimacy of the transfer to Backpack co-founders Patrick Gruhn and Robin Matzke. This conflict has yet to be resolved and may affect the platform’s future operations. Backpack acquired FTX EU in January 2025, months before initiating the withdrawal process. Legal proceedings regarding ownership remain active as withdrawals move forward.

The FTX estate criticized the acquisition of FTX EU by Backpack Exchange, noting that the new owner had no involvement in the court-approved process for returning funds. Additionally, the estate emphasized that Backpack Exchange was not authorized to distribute any funds to customers. This has raised concerns within the broader FTX community about the legitimacy of the acquisition and the distribution of remaining assets.