New FTX EU Owner Backpack Initiates Customer Complaints Process

FTX EU Owner's New Backpack Launches Customer Claims Process

Backpack, which acquired FTX EU for $32.7 million in January, has urged customers to complete the first stage of KYC verification.

Jamie Crowley | Edited by Nikhilesh De , Apr 2, 2025 14:49 UTC

Key points:

• Cryptocurrency trading company Backpack, which acquired the European division of bankrupt exchange FTX, has begun the process of returning funds to customers.
• Backpack did not disclose details about when exactly the company plans to begin distributing funds.
• The deal between Backpack and FTX EU has been criticised by the wider FTX bankruptcy estate.

Cryptocurrency trading company Backpack, which acquired the European division of bankrupt exchange FTX, has begun the process of returning funds to customers.

In a post on X on Tuesday, Backpack, which bought FTX EU for $32.7 million in January, urged customers to complete the first step of its know-your-customer (KYC) process.

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The second stage of the process involves distributing funds, but it is currently unclear when exactly this will happen. Backpack describes it as “coming later” on its FAQ page.

The deal between Backpack and FTX EU has been criticised by the wider FTX bankruptcy estate.

FTX officials said Backpack was not part of the U.S. court-approved refund process and had no authority to make any payments to customers.

FTX has raised $11.4 billion in cash to distribute to those affected by its collapse in 2022, with payments set to begin in late May.

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