Users must verify their identities to be able to withdraw their money.
Backpack anticipates high demand, which can result in delays.
Exchange Backpack announced that former FTX EU clients in Spain and Europe can claim the funds retained from the collapse of that cryptocurrency exchanges house in 2022.
The process, available since Monday, May 12, requires verifying the identity of the users and completing a form on the Backpack EU platform. High demand could generate retreat delays, reported The Exchange via X.
Backpack, who acquired FTX EU on January 7, 2025, reported that the former FTX EU clients can complete the two -step process to claim their funds in euros through Backpack EU. This is to obtain verification and then remove the funds.
In a statement sent to cryptootics, the company explained that reimbursements will begin on May 12 at 9:00 CET. To do this, users must open an account at the Exchange, verify their identity and select the “FTX EU withdrawal Request” option. It is also required to attach a bank certificate, not more than three months, which shows full name, went and address, coinciding with the form of the form.
Funds, frozen from the bankruptcy of FTX in November 2022, are called exclusively in euros. Backpack EU does not allow cryptocurrency withdrawalsbut plans to obtain a Mica license to offer exchange and retreat services in cryptoactive. The company urged users to follow updates on this process.
The identity verification process began on April 1, and the reimbursements officially began on Monday. Backpack EU reported that he will apply retirement commissions, charged by their bank partners, No additional costs by the platform. The commission structure is: 8 euros for retreats from 0 to 2,000 euros; 13 euros for withdrawals from 2,001 to 50,000 euros; and for amounts greater than 50,001 euros, 13 euros plus 0.1% of the excess, with a stop of 353 euros. These rates will be displayed during the retirement process.
The collapse of FTX in 2022 marked a turning point in the cryptocurrency ecosystem, as cryptootics reported. The platform, one of the largest in the world, faced a liquidity crisis after massive retreats, which led to its bankruptcy statement.
This event affected millions of users globally, including those of FTX EU, which operated in Europe under Cipriot regulation. The funds of European clients were blocked, generating uncertainty and significant losses. In Spain, thousands of users were impacted, facing a prolonged process to recover their capital.
The bankruptcy of FTX not only affected investors, but also eroded confidence in centralized exchanges. European regulators intensified scrutiny on cryptocurrency platforms, accelerating initiatives such as Mica to establish stricter frames. The FTX case presented vulnerabilities in digital asset managementhighlighting the need for transparency and audited reserves.
The retirement process represents a relief for former FTX children, many of whom had been without access to their funds for more than two years. However, Backpack warned that high demand could saturate the system, recommending patience during the first weeks. Users must ensure the verification requirements to avoid delays.
This development is a step towards resolving one of the most complicated episodes in the history of cryptocurrencies. The impact of FTX collapse will continue to resonate in the sector. The former men Now they have a way to recover their moneywhile the market continues to adapt to a more demanding regulatory environment.
