Former FTX EU Users Can Now Start Withdrawing Their Euro Funds

Key Notes:

Former FTX EU users can now start getting back their Euro funds, as the Backpack exchange has opened a two-step withdrawal system. This move comes in light of Backpack’s acquisition of FTX EU.

After acquiring FTX EU, the stage is set for the return of user funds.

Crypto exchange Backpack has officially launched the withdrawal process for eligible FTX EU customers. This step follows its earlier move to acquire FTX EU and set up a system to manage the release of funds.

Former FTX EU customers may now complete the two-step process to claim their Euro funds via Backpack EU.

Get Verified 2. Withdraw Funds

Start here: https://t.co/qvUDpbs6oi

The withdrawal process has two steps: getting verified and submitting a withdrawal request. Users must first complete Know Your Customer (KYC) verification through a new portal created by FTX EU. This step confirms each user’s identity using the details tied to their FTX EU accounts.

In an earlier update, CoinsAvenue noted that the new owner of FTX EU has started verifying users with pending claims to help them recover their funds. This KYC portal officially went live on April 1.

According to the email to claimants seen by CoinsAvenue, they can see their final claim balance in euros once verification is successful. This balance is the amount they are eligible to receive under Backpack EU’s new system.

Claimants are advised to open an account on the Backpack EU platform using the link provided via the claims portal to proceed.

Backpack clarified that this process applies only to former FTX EU customers, not those linked to FTX International or involved in the US bankruptcy case. The company has no ties to the FTX estate or American legal proceedings.

This move follows Backpack’s plan to to expand its crypto services across the European Union. With the permit, Backpack’s European branch plans to roll out a full suite of regional crypto derivatives offerings.

What users must do to receive their euro funds

It is worth mentioning that after successful verification, users can move to the second and final step of the process, which involves submitting a withdrawal request.

According to the update, users need to log in to the Backpack EU platform and select the FTX EU Withdrawal Request option to do this.

Likewise, they must then fill out a form with their bank details and provide a recent bank statement dated within the last three months.

This document must clearly show the user’s full name, IBAN, and registered address. The information provided must match the details submitted during verification.

Users are advised to read the withdrawal terms and conditions carefully before submitting their request. Although Backpack and its banking partners aim to process requests quickly, high demand may cause delays. In some cases, processing may take over a month.

Based on general market perception, this announcement signals the final stage in Backpack’s efforts to return funds to former FTX EU clients.

Meanwhile, CoinsAvenue reported that a wallet linked to the defunct crypto exchange FTX unstaked over 186,000 SOL. This led market participants to speculate about a possible sell-off of SOL in April. However, there are no signs that this is connected to the planned repayment