Cryptocurrency exchange Backpack announced the start of a two-stage refund process for customers of the European division of the bankrupt FTX platform. This was reported to Incrypted by the company.

The first stage is the verification of users affected by the bankruptcy. The second is the payment of reimbursements in euros.

The start date of the first stage is April 1, 2025. Verification can be done on the website of the Backpack exchange. To do this, you need to register on the Backpack EU platform, go through the KYC procedure using the same data as on FTX EU, after which you can check your balance in euros, the company claims.

According to the FAQ section on the exchange’s website, users who have successfully verified will receive an email notification when compensation payments begin. After that, it will be possible to withdraw funds.

Information about the purchase of Backpack European division of FTX appeared in January 2025. At that time, exchange also noted that it will be the company that will conduct the distribution of funds in the reimbursement.

After that, FTX said that the deal on the sale of the European division was not approved by the US court. Backpack responded to this by saying that former parent company FTX EU had nothing to do with it at all, as it had sold it earlier to the firm’s founders.

Backpack did not specify when exactly the payments would begin.