Hanover, Germany – Backpack Exchange, a fully regulated global cryptocurrency exchange, today announced the successful acquisition of FTX EU, the MiFID II-licensed former European arm of FTX. Approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), this acquisition marks a major milestone in Backpack’s global expansion and commitment to delivering secure, regulated trading solutions across Europe.
With the acquisition, Backpack’s new EU arm will offer a full suite of crypto derivatives throughout the European Union including perpetual futures, a market where no regulated crypto derivatives currently exist, as unregulated offshore exchanges have been forced to wind down their unlicensed European operations.
Armani Ferrante, CEO of Backpack Exchange, commented: “As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market.”
As part of the acquisition, Backpack EU will undertake responsibility for distributing the previously court-approved FTX bankruptcy claims to FTX EU customers.
Mr. Ferrante further noted, “Customer restitution is a crucial step to rebuild trust and confidence in the industry, and Backpack is committed to returning FTX EU customers’ funds as fast and as safely as possible.”
In addition to compliant product offerings, Backpack EU will provide seamless integration with traditional payment rails including instant, low-cost Single Euro Payments Area (SEPA) payments and wire transfers in major currencies across the region.
The re-activation of the license is underway, with plans for Backpack EU to go live in Q1 of 2025. Further information as to how new users may sign up for Backpack EU and how FTX EU customers will be able to access their assets will be announced as it becomes available. For more information, please visit the FAQ page at https://support.backpack.exchange.
About Backpack Exchange
Backpack Exchange is a fully regulated global cryptocurrency exchange building an innovative, easy-to-use and compliant trading platform for both experienced and new web3 users worldwide. Backpack currently serves users from more than 150 countries and regions with more than $60 billion in trading volume.
The Backpack ecosystem comprises several products and services, including the popular Backpack Wallet (noncustodial), Backpack Exchange, and Mad Lads, the top NFT community in the Solana ecosystem.
Acquisition
1. What should I know at a glance?
Backpack Exchange has acquired FTX EU, the former European branch of FTX. With this acquisition, the new EU branch of Backpack will offer a complete range of crypto derivatives across the European Union, including perpetual futures.
As part of the acquisition, Backpack EU takes responsibility for distributing the previously court-approved FTX insolvency claims to FTX EU customers.
In addition to compliant product offerings, Backpack EU will provide seamless integration with traditional payment channels, including instant, low-cost payments in the Single Euro Payments Area (SEPA) and transfers in the region’s major currencies.
2. What is Backpack Exchange?
Backpack Exchange is a fully regulated global cryptocurrency exchange that is building an innovative, user-friendly, and compliant trading platform.
Our mission is to provide traders with advanced tools, a seamless trading experience, and flexible risk management options—all within a unified trading account framework. To learn more about our platform and vision, visit Backpack Exchange – About Us.
We are part of the Backpack product family, including Backpack Wallet (our non-custodial crypto wallet) and Mad Lads, the leading NFT project on Solana.
3. What are the official Backpack support channels?
- FAQs: Check the FAQ section below before reaching out.
- Email support: Contact us at [email protected] for account or claim-related queries.
- Live chat: Click Chat with us at the bottom of this page.
- Community discussions: Join our Discord or the EU-specific Telegram group.
Important: Emails about your FTX EU claim or Backpack EU updates will only come from [email protected] or [email protected]. Be cautious of phishing attempts.
How to Claim Your Funds – Step by Step
4. How do I receive my claims from the former FTX EU platform?
The process of receiving your FTX EU distribution involves three distinct steps, each taking place at a different time. You cannot claim your distribution immediately after signing up. Here’s how it works:
- Step 1: KYC (currently live)
- Open an account at eu.backpack.exchange.
- Complete the KYC process to verify your identity.
- We strongly recommend completing this step now to avoid delays when distributions become available.
- Step 2: Link to your FTX EU claim (coming soon)
- Wait for an email notification to proceed.
- After receiving the notification, log into your Backpack EU account and follow the on-screen banner instructions to link your Backpack EU account to your FTX EU claim account at ftxeurope.eu, using the same KYC details.
- Note: Some information from Step 1 may need to be re-entered for security purposes.
- Once the linking and verification are successfully completed, your final EUR balance will appear in your Backpack EU account.
- Step 3: Distribution of Funds (to follow later)
- When the distribution becomes active, you will receive another notification via email.
- At this point, you can trade or withdraw your balance through Backpack EU as you wish.
The Backpack team is working hard to process FTX EU claims as quickly as possible. Until then, withdrawals will only be available after completing Step 3. We strongly encourage you to complete Step 1 (your Backpack EU KYC) now to ensure a smooth process and timely access to your funds.
5. Can I prepare for my distribution in advance?
Yes. We recommend completing Step 1 (creating your Backpack EU account and completing KYC) as soon as possible, even if the distribution has not gone live yet.
By doing so, you will:
- Ensure your identity is verified on time.
- Allow for early resolution of any potential KYC or account issues.
Simply visit eu.backpack.exchange to create an account and follow the instructions to verify your identity.
6. I didn’t claim my balance through ftxeurope.eu. Can I still claim it, and how?
Your balance has been settled in accordance with the FTX bankruptcy court’s insolvency process. You can claim this balance by following the steps described under “How do I receive my payout?”
Troubleshooting
Is Backpack EU available on mobile devices?
Currently, access to Backpack EU is only possible via a desktop browser. Please visit https://eu.backpack.exchange/ to get started.
7. What if I already have an account with Backpack.Exchange?
You will still need to create a separate account at eu.backpack.exchange and complete KYC to receive your FTX claim. This new account will also be required to access and use the Backpack EU platform once it becomes fully operational at a later stage. If you encounter any issues at any point, contact our support team at [email protected] for assistance.
8. Does the email address for my FTX EU account need to match the one for my Backpack EU account?
Yes, when creating an account with Backpack EU, you must use the same email address linked to your FTX EU claim.
9. What if I no longer have access to the email address I used for my FTX EU claim?
Contact Backpack EU support at [email protected] to update your account details. You will need to provide a signed letter including your previous email address, your new email address, and your KYC information to ensure you can complete onboarding and account linking.
10. What happens if my FTX EU KYC details do not match my new Backpack EU account?
During the linking phase (when connecting your FTX EU claim to your Backpack EU account), your KYC details on FTX EU and Backpack EU must match for verification. If they do not, you will need to contact Backpack EU support at [email protected] to update your Backpack EU account with the same information used for your FTX EU claim. This ensures a smooth verification process and avoids delays in accessing your distribution.
General Questions
11. Are there fees for withdrawing my claims?
The usual withdrawal fees apply, including those charged by banking partners. These will be displayed during the withdrawal process.
12. Will I receive proof of withdrawal for potential tax filing?
We are not responsible for your tax filings or withholding taxes but are happy to provide any documentation you reasonably request to meet your tax obligations. Please consult a tax advisor for guidance on reporting your distribution in your jurisdiction.
13. Can I claim my distribution in cryptocurrency instead of EUR?
Please note that the final amount of all claims by FTX EU customers was approved by the FTX bankruptcy court in EUR. However, you can use your Backpack EU account to convert your balance into crypto assets.
Be aware that any cryptocurrency withdrawals pending with the FTX Group immediately before the bankruptcy filing remain with the FTX Group. Such cryptocurrency withdrawals are liabilities of FTX Trading Ltd or FTX Digital Markets Ltd. You must direct and pursue any such claims directly with FTX Trading Ltd and FTX Digital Markets Ltd. Backpack EU is not involved or associated with such claims.
14. What happens if I sold my FTX EU claim to another party?
We only reimburse funds to the individual whose name is officially recorded on the FTX EU claim. Backpack EU is not involved with or responsible for claims sold or transferred to third parties. If you sold your claim, we recommend notifying the buyer so they can address the matter directly with the appropriate parties. The distribution process is based solely on the original claim details recorded with FTX EU.
15. I was not an FTX EU user. Can I still create an account with Backpack EU?
No. Backpack Exchange is not yet live for EU citizens, and you cannot complete KYC verification, deposit funds, or trade at this time.
Our team is working hard to ensure Backpack EU goes live in Q1 2025. More information will be announced through official Backpack channels as it becomes available. Stay tuned.
16. I was not an FTX EU user, but I was an FTX user. Can I claim my funds with Backpack EU?
No. Backpack EU has only acquired FTX EU Ltd and is responsible for distributing the previously court-approved FTX insolvency claims solely to FTX EU customers. If you have a dispute with FTX Trading Ltd, FTX Digital Markets Ltd, or any entity other than FTX EU Ltd, you can still contact the court-appointed administrator to explore your options. However, we cannot provide legal or financial advice.
Payout Amount
17. Who decides how much I will receive?
The payout amounts were determined solely by the bankruptcy court overseeing the FTX insolvency proceedings. Backpack is not authorized to modify or influence these decisions.
18. How is my distribution calculated?
Your distribution reflects the final EUR balance of your FTX EU claim, using the valuation of your positions at the time of the collapse, as determined by the FTX bankruptcy court.
Specifically, Backpack is not responsible for claims between you and other FTX entities or their associated bankruptcy proceedings. As previously communicated to all FTX EU customers, any cryptocurrency withdrawals pending with the FTX Group immediately before the bankruptcy filing remain with the FTX Group. Such cryptocurrency withdrawals are liabilities of FTX Trading Ltd or FTX Digital Markets Ltd, and you must direct and pursue any such claims directly with FTX Trading Ltd and FTX Digital Markets Ltd. Backpack is not involved or associated with such claims.
19. Why did I receive less than I expected?
The amount you received was determined by the bankruptcy court based on your FTX EU claim.
20. What should I do if I believe my distribution is incorrect?
If you believe your distribution is incorrect:
- Be aware that all amounts were definitively set by the bankruptcy court, and we cannot change or contest these figures.
- Each position was settled in euros. The value reflects the EUR value of your account at the time of the FTX collapse.
- If you did not contest during the bankruptcy proceedings with FTX Trading Ltd or FTX Digital Markets Ltd, you can still contact the court-appointed administrator to explore your options. However, we cannot provide legal or financial advice.
21. Can I dispute the payout amount with Backpack EU?
No, Backpack EU is not authorized to adjust the payout amounts. Any disputes must be directed to the court-appointed administrator.
Deadlines
22. When will I receive my payout?
We aim to begin payouts in Q1 2025. Customers will be notified via email when payouts are ready.
23. Is there a deadline to create my Backpack EU account and claim my funds?
There is no immediate deadline, but unclaimed funds will eventually be treated as unclaimed property in accordance with applicable laws. To avoid complications, we recommend creating your Backpack EU account and claiming your payout as soon as it becomes available.
24. What should I do if my payout has not arrived?
Ensure that you:
- Have completed onboarding with Backpack EU.
- Follow the instructions in your Backpack EU account to link it to your FTX EU claim account.
If you have completed these steps and your balance still does not appear, contact Backpack support at [email protected] for assistance.
25. What happens if I don’t claim my payout?
There is no specific deadline to claim your funds, but unclaimed funds will eventually be classified as unclaimed property and handled according to applicable laws.
26. What happens if I did not file a claim during the bankruptcy proceedings?
We cannot advise you on insolvency-related claim matters. Please direct all questions to the FTX bankruptcy estate here: https://restructuring.ra.kroll.com/ftx/EPOC-Index.
