Following its acquisition of the defunct FTX EU platform months prior, cryptocurrency startup Backpack has initiated a crucial phase in addressing the frozen assets of affected European customers. This development marks a significant milestone nearly two years after the dramatic collapse of the global FTX exchange sent shockwaves through the digital asset market.
Fiat Withdrawal Process Launched
Effective May 12th, eligible former users of FTX EU can now initiate requests to withdraw their trapped fiat balances. Backpack has established a dedicated portal specifically for this purpose, currently facilitating withdrawals exclusively in Euros. Cryptocurrency withdrawals remain unavailable at this time.
To access their funds, users must undergo a verification process. This involves confirming their identity and providing a recent bank statement. It is crucial that the personal details supplied by the user precisely match the information on the submitted documentation.
Associated Fees and Timeline
Withdrawal fees are determined by Backpack’s banking partners.
- Requests below €2,000 incur a fee of €8.
- Larger amounts are subject to slightly higher fixed or percentage-based fees.
- The maximum applicable fee is capped at €353.
While Backpack has not set a definitive deadline for submitting withdrawal requests, the company strongly encourages users to begin the process sooner rather than later. Potential delays may occur due to high traffic volumes or processing limitations imposed by banking institutions. This initiative represents the first major step towards making former FTX EU clients whole since the exchange’s failure.
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