FTX EU victims can now withdraw trapped Euros via Backpack but crypto withdrawals remain blocked

Backpack has officially opened the withdrawal window for former FTX EU customers, marking a major step in returning lost funds to the defunct exchange users across Europe.

The claims process went live on May 12, following Backpack’s earlier acquisition of FTX’s European arm in January 2025.

According to a notice on its website, the exchange stated:

“Trek Labs Europe LTD (Former FTX EU LTD) has now commenced payout of former FTX EU customer funds.”

Backpack explained that customers affected by the FTX collapse can now begin a two-step process to access their frozen euro balances through a dedicated portal.

Meanwhile, all claimable funds are denominated strictly in euros. Crypto withdrawals are not supported.

This initiative follows the platform’s earlier launch of its identity verification process in April. That marked the first step in helping former FTX EU users regain access to their frozen assets.

How Backpack is returning FTX EU customer funds

FTX creditors must select the “FTX EU Withdrawal Request” on the exchange’s EU platform to access their frozen funds.

They’ll then have to complete a form with their bank details and upload a bank statement dated within the past three months. This statement must clearly show their full name, IBAN, and registered address—all of which must match the information on the request form.

The exchange stated that withdrawal fees will apply to the claims. According to the firm, the fees are set by its banking partners and vary depending on the amount claimed.

For transactions up to €2,000, the charge is €8. Claims between €2,001 and €50,000 incur a flat fee of €13. For larger withdrawals, the platform charges €13 plus 0.1% of any amount exceeding €50,001, with the total fee capped at €353.

Backpack emphasized that it does not add any extra fees on top of those set by its banking partners.

The exchange also warned of possible delays due to high traffic and banking limits, especially during the early days of processing.

Backpack pointed out that while there is no fixed deadline to file a claim, any unclaimed funds will eventually be treated under relevant financial laws.

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