FTX EU Repayment Backpacks Start Verification

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The backpack has started the first process of seeing FTX EU refunds. The exchange has acquired the FTX EU with a commitment to repaying its creditors.

Backpack Crypto Exchange has launched the verification process with former FTX EU customers, marking a critical step in the much-anticipated repayment process.

This recent development follows the acquisition of backpack FTX EU earlier this year and its commitment to handling user billing and refunds.

The ID verification process begins

According to a recent report, the backpack officially began its billing verification process on April 1st. According to the update, this allows former FTX EU users to verify their identity before repayment is made.

According to the company’s website, customers must complete customer (KYC) verification using the same email address they used in the FTX EU. Reports show that the company has chosen this requirement to avoid fraudulent claims and facilitate a smooth refund process.

Additionally, backpack chief executive Armani Ferrante acknowledged that the process is complicated because of the involvement of different parties. However, he revealed his excitement as the verification process finally opened up. He also assured users that they are working to return the money as soon as possible.

Currently, users can only verify their identity. Reports indicate that withdrawal instructions will be announced within the deadline. Still, the backpack has promised to share updates soon

As reported by Coinspeaker, the Backpack successfully acquired the FTX EU in January 2025. For context, the acquisition was approved by the FTX Bankruptcy Court and the Cyprus Securities and Exchange Commission (CYSEC).

As part of the transaction, the backpack also secured access to the FTX EU transaction license. This allows us to offer authorized cryptocurrency derivatives that trade across Europe with an emphasis on compliance and customer trust.

After the acquisition of the FTX EU, Backpack signed an agreement to handle repayments to its former clients. The company reiterated that its main goal is to return funds to users. This latest development will reassure former FTX EU customers that they will wait and then reclaim locked funds since the platform collapsed in November 2022.

FTX Estate plans to pay off large creditors

Meanwhile, there have been reports that the broader FTX Estates have also confirmed plans to repay creditors. As detailed, by May 30, bankrupt exchanges are expected to begin paying large sums to debtors over $50,000. This will be one of the biggest spending since FTX went bankrupt.

The platforms struggling are confident that most claimants will regain about 118% of what they owe, based on the values ​​recorded at the time of bankruptcy. However, some creditors have expressed dissatisfaction, saying this has not covered the rise in crypto prices since.

Additionally, many analysts have suggested that this payment process will have a positive impact on the crypto market, but many creditors with larger claims are waiting for future distributions.

Some influencers added that this will comfort and reassure the affected users as they will reclaim their money.

Meanwhile, the first round of initial repayments to FTX creditors began in February. Repayments at the time were important to those who lost their funds due to the historic collapse of the exchange. The Bahamas arm of FTX, who was caught up in Crossfire when the company collapsed in 2022, began reimbursing users on charges of less than $50,000.

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Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information, but should not be considered financial or investment advice. Market conditions can change quickly, so we recommend that you review your information yourself and consult with an expert before making a decision based on this content.

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