- FTX EU users can apply for euro compensation from April 1, 2025.
- Verification is required via Backpack EU using the same KYC data as FTX EU.
- The process involves two stages: user verification and euro compensations.
- Backpack will handle fund distribution post-verification approval.
Important Update from Backpack on FTX EU Refund Applications
In a significant development in the cryptocurrency world, Backpack has announced that starting April 1, 2025, users of FTX EU will be able to initiate verification procedures to apply for euro refunds. This process marks a crucial step forward in resolving issues stemming from the exchange’s bankruptcy.
Users are required to complete their verification through the Backpack EU platform. They must use the same Know Your Customer (KYC) data previously submitted on FTX EU. Initially, this involves verifying users affected by the bankruptcy before moving forward with compensating them in euros.
The Two-Stage Process Explained
The first stage of this process focuses on user verification. Starting April 1, affected users can verify their identities by registering on the Backpack website. After registering on [Backpack EU](https://eu.backpack.exchange/signup), they will need to undergo a KYC procedure using consistent data as used with FTX EU.
Once verified, these users can check their euro balances. As outlined in the FAQ section of Backpack’s site, once compensation payouts commence, verified individuals will receive email notifications allowing them to withdraw funds.
Background and Developments
This move follows news from January 2025 about Backpack acquiring FTX’s European division. At that time, it was stated that Backpack would manage fund distributions for reimbursements.
However, complications arose when FTX announced that an American court had not approved the sale of its European branch. In response, Backpack clarified that its acquisition was independent since it previously purchased the division from FTX’s founders.
Looking Ahead
Despite these developments, specific timelines for when payouts will begin remain undisclosed by Backpack. The cryptosphere eagerly anticipates more detailed announcements regarding disbursement timelines and further procedural clarifications.
In conclusion, this initiative represents an essential step towards resolving financial disputes following FTX’s bankruptcy crisis and restoring trust within its user base through transparent compensation mechanisms managed by Backpack.
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