Now comes the payback time. A long-awaited announcement has been made by BackPack on X (formerly Twitter): FTX EU users can now reclaim their euro-denominated balances through BackPack EU, a regulated cryptocurrency exchange.
This comes after Backpack’s January 2025 acquisition of FTX EU, which was authorized by the Cyprus Securities and Exchange Commission (CySEC) and the FTX bankruptcy court. Earlier, Backpack made the same announcement, which FTX confirmed was made without its approval and contained multiple misleading statements.
Users across the globe were left unable to access their funds as part of the bankruptcy proceedings after the collapse of FTX in 2022. FTX operated across Europe through FTX EU, a regional branch. BackPack EU has come up with two different ways for FTX EU users to get their euro balances returned.
The purpose of this process is to regain the users’ trust in the crypto industry as well as to refund the users’ funds. BackPack EU is a regulated platform and has been operating legally in Europe.
Users are supposed to create an account on the BackPack EU platform using the same email address linked to their FTX EU account. To claim their refund, users must complete the Know Your Customer (KYC) verification process to verify their identity. Users can withdraw their EURO funds once they’re done with the identity process.
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