- Backpack enables FTX EU euro fund withdrawals amid bankruptcy saga.
- Crypto withdrawals remain blocked at present.
- Only FTX EU customers are eligible for euro reclaim.
Backpack, who acquired FTX EU in early 2025, has opened euro withdrawals for former FTX EU customers. This development is part of the broader recovery process following FTX’s bankruptcy. The company was granted approval by both CySEC and the bankruptcy court for this acquisition.
Eligible FTX EU users can withdraw trapped euro balances by creating a Backpack EU account, ensuring KYC compliance.
Former FTX EU users can now claim their euro balances through Backpack EU following our CySEC-approved acquisition,
stated Backpack’s Official Account. Only euro withdrawals are facilitated, with cryptocurrency withdrawals still remaining blocked for the time being, leading to critique from affected users.
The move has affected the crypto industry as stakeholders observe advancements in fund recovery. High demand is anticipated, potentially delaying euro disbursements due to banks’ processing constraints. The rollout aims to regain user trust. According to an official statement by Backpack,
The purpose of this process is to regain the users’ trust in the crypto industry as well as to refund the users’ funds.
This restricted liquidity situation impacts market participants, blocking access to crypto assets while enabling limited fiat recovery. Analysts link this situation to historical precedents of partial recoveries, marking a cautious optimism about overall fund retrieval efforts.
The ongoing process may hint at future regulatory outcomes, with the potential for more structured approaches to handling such cases. Notably, Backpack’s steps reflect historical tendencies where fiat restitution precedes crypto access.
