Backpack Exchange Initiates FTX EU Withdrawals on May 12

Backpack Exchange announced it will allow former FTX EU users to withdraw euro-denominated balances starting May 12, 2025, through the regulated platform Backpa...

Key Points:

Withdrawal process for former FTX EU users begins May 12.
Crypto-only access remains blocked for FTX EU users.
Backpack focuses on euro transfers until asset recovery completes.

Backpack Exchange announced it will allow former FTX EU users to withdraw euro-denominated balances starting May 12, 2025, through the regulated platform Backpack EU.

Backpack Exchange acquired FTX EU in January 2025, authorized by CySEC and the FTX bankruptcy court. The process requires account creation on Backpack EU for euro-only withdrawals, with crypto remaining inaccessible. The withdrawal process for eligible FTX EU customers officially began on May 12, 2025. Backpack EU will not accept new users until recovery finishes, focusing on euro withdrawals. Bankruptcy proceedings affected global FTX users, leaving them unable to access funds since 2022. This reflects the FTX collapse aftermath as euro access resumes but crypto stays restricted.

Euro withdrawals create an opportunity for FTX EU users to recover lost funds partially. The situation underscores regulatory intricacies in asset recovery following major bankruptcies. However, crypto access remains blocked, prompting ongoing discussions about market implications.

Backpack’s action highlights the complexities of post-default balance access in the crypto realm. Future regulatory guidelines may evolve from these asset recovery processes. Industry experts expect potential changes in bankruptcy management in digital assets, shaping future regulatory frameworks.