FTX EU was once the European arm of the now-defunct crypto exchange FTX. After its collapse, it became the center of a heated legal and financial saga. But recent developments involving Backpack Exchange have brought renewed hope for affected customers.
What happened to FTX EU after the FTX collapse?
After FTX's global implosion in November 2022. the Cyprus Securities and Exchange Commission (CySEC) suspended FTX EU's license. This halted its operations across the EU under the MiFID II regulatory framework. Despite multiple license extension attempts, the platform remained in limbo.
Who owns FTX EU now?
In January 2025. Backpack Exchange—a firm started by ex-FTX employees—purchased FTX EU for $32.7 million. The deal aimed to revive the platform, using its regulatory status to relaunch crypto derivatives in Europe. But complications remain, as the FTX estate in the US disputes the legitimacy of this acquisition.
Can former FTX EU users recover their funds?
Yes, to an extent. Backpack has started allowing customers to reclaim euro-denominated funds. Users must sign up on Backpack EU, pass KYC, and submit bank information. Withdrawals are currently limited to euros, with crypto withdrawals unavailable. Fees apply, and users are encouraged to act before any deadlines are enforced.
What is the legal controversy around the acquisition?
The FTX estate argues that Backpack's acquisition of FTX EU is illegitimate because ownership of the entity's shares was never fully transferred. It warns that no distributions to customers should be made without approval. However, Backpack has continued facilitating euro fund withdrawals, creating tension between the two entities.
Who qualifies as an FTX EU customer?
Generally, anyone in the EU who registered with FTX after March 7. 2022. is considered an FTX EU customer. Those who signed up before that or who had pending crypto withdrawals when the platform collapsed may need to file separate claims with the US bankruptcy court.
Conclusion:
FTX EU's story isn't over. While Backpack's efforts are giving many customers a path to recover lost funds, regulatory uncertainties and ownership disputes still cast a shadow. If you're affected, it's wise to follow Backpack EU's process closely while staying updated on legal developments.
