Backpack Opens FTX EU Euro Fund Claims Process
- Backpack starts Euro fund claim process for FTX EU customers.
- Armani Ferrante emphasizes secure and quick fund returns.
- The process affects Euro only, not cryptocurrency balances.
This event highlights a significant move in returning funds to former FTX EU customers, impacting the financial landscape without affecting cryptocurrency markets.
Backpack, led by Armani Ferrante, has launched a process for FTX EU customers to claim their Euro funds. This comes after acquiring FTX EU in January 2025. Backpack assures a swift and safe return of these funds to users.
“We are committed to returning FTX EU funds as fast and as safely as possible.” — Armani Ferrante, CEO, Backpack
The Euro fund claim process affects former FTX EU users who hold Euro balances. Users must complete identity verification procedures followed by fund withdrawal, overseen by regulatory guidelines. The process excludes direct impact on cryptocurrency assets.
The immediate effect involves users recovering Euro balances without involving cryptocurrencies, showing a commitment to customer recovery. No major crypto markets were affected, maintaining industry stability amid these actions.
Financially, this involves a €5 fee for claims under €2,000 and a 0.25% fee for larger claims. This reflects typical operational fees in fund reclamation efforts. Politically, it highlights regulated asset return within the European compliance framework.
Regulatory impacts include compliance under Cypriot financial authorities, focusing on safeguarding customer assets and data. This step provides predictability and stability. The broader technological landscape remains unaffected, given the focus on fiat currency rather than digital assets.
