Backpacks will begin identity verification to repay FTX EU claimants

Crypto Exchange Backpack has officially launched a billing process for users of the now-deprecated FTX EU platform, according to a statement on April 1.

Backpack CEO Armani Ferrante said:

“It's been a long and complicated process for multiple parties, and we're pleased to finally be able to open ID verification for our FTX EU customers (our website).”

According to the BackPack website, the claimant must complete the KYC (knows the customer) verification using the same email address used in the FTX EU. This requirement is intended to verify the validity of each claim and prevent fraudulent requests.

Meanwhile, a second step, including fund withdrawal, has not yet been announced. The backpack said further instructions would follow soon.

Ferrante added:

“We must pay back our funds as quickly and safely as possible, and we are here to answer any questions along the way.”

FTX is tied to a backpack

This development provides some rest for European users of failed exchanges.

The involvement of the backpack in the FTX EU began in January 2025 when the bankruptcy court approved a request to acquire the entity.

The acquisition also granted backpack access to the MiFID II license held by the FTX EU under the Cyprus Securities and Exchange Commission (CYSEC). With this regulatory approval, the backpack can provide compliant cryptographic derivatives, including a permanent future across the European Union.

Backpack has agreed to manage the claims and reimbursements owed to FTX EU customers as part of the acquisition agreement.

At the time, Ferrante stressed that the company's responsibility was to restore user funds, essential to rebuilding trust in the digital asset industry.

FTX repayment efforts

This development occurs when the broader FTX Estate is preparing to pay off its first large creditors.

Bankruptcy exchange plan Divas More than two years after the collapse in November 2022, the bill was over $50,000 by May 30th.

FTX says that most claimants will recover 118% of their obligations based on their value since the date of bankruptcy filing.

However, some creditors have argued that the figures have not reflected a rise in crypto prices since then.

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