Backpack begins identity verification to repay FTX EU claimants

Crypto exchange Backpack has officially launched the claims process for users of the now-defunct FTX EU platform, according to an April 1 statement.

BackPack CEO Armani Ferrante said:

“It’s been a long, complicated process with multiple parties, but we’re happy to finally open up identity verification for FTX EU customers on [our website.]”

According to BackPack’s website, claimants must complete KYC (Know Your Customer) verification using the same email address they used on FTX EU. This requirement aims to confirm the legitimacy of each claim and prevent fraudulent requests.

Meanwhile, the second step, which involves fund withdrawals, has yet to be announced. Backpack stated that further instructions would follow soon.

Ferrante added:

“Returning funds as quickly and safely as possible is our number one priority, and we’re here to answer any questions along the way.”

FTX ties with BackPack

This development provides some respite for the European users of the failed exchange.

Backpack’s involvement with FTX EU began in January 2025 when a bankruptcy court approved its request to acquire the entity.

The acquisition also granted Backpack access to the MiFID II license held by FTX EU under the Cyprus Securities and Exchange Commission (CySEC). This regulatory approval allows Backpack to offer compliant crypto derivatives, including perpetual futures, across the European Union.

Backpack agreed to manage the claims and reimbursements owed to FTX EU customers as part of the acquisition deal.

At the time, Ferrante emphasized that the company’s responsibility was to restore user funds, essential to rebuilding trust in the digital asset industry.

FTX repayment efforts

This development comes as the broader FTX estate prepares for its first round of large creditor repayments.

The bankrupt exchange plans to disburse claims over $50,000 by May 30, more than two years after its collapse in November 2022.

FTX has stated that most claimants will recover 118% of their debts based on values from the bankruptcy filing date.

However, some creditors argue that the figure does not reflect the rise in crypto prices since then.

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