A cryptocurrency exchange has launched the initial phase of the claims process for previous users of FTX in Europe.
In an announcement made on April 1, it was noted that users must create an account on the exchange, provide Know Your Customer (KYC) information, and link it to their FTX EU claim account.
No deadline has been established for this claims phase, and a timeline for when distributions will commence has yet to be disclosed. Users can expect a withdrawal fee of €5 ($5.39) for claims under €2,000 ($2,158) and a fee of 0.25% for amounts exceeding that threshold.
Image Source: Armani Ferrante
The exchange acquired FTX EU in January 2025 to provide cryptocurrency derivatives, such as perpetual futures, across Europe. This acquisition concluded a protracted effort to secure the European branch of the insolvent exchange.
The CEO expressed the company’s dedication to returning the funds of FTX EU users as quickly and securely as possible at the time of the acquisition.
An activist representing FTX creditors communicated earlier in January 2025 that the transition of FTX EU to this exchange led to “increased confusion and anxiety among FTX EU clients regarding the return of their funds.”
“Some FTX EU customers have registered with these distributors, and they are unsure who will manage the return of their funds—Backpack, Kraken, or Bitgo,” the activist commented at that time.
Related: A two-year delay in FTX repayments viewed as a ‘success,’ claims trader who forecast the exchange’s fall
Overview of the initial phase of the claims process
Regarding distribution amounts, the FAQ section on the exchange’s website indicates that all positions were liquidated using market rates on the date the exchange ceased operations, and each position was settled in euros.
Additionally, users who had cryptocurrency withdrawals pending on November 11, 2022, should have submitted claims within FTX’s US bankruptcy proceedings. These users may be eligible for distributions from the FTX Recovery Trust, a process that this exchange is not affiliated with.
Moreover, residents of the EU who registered with FTX before March 7, 2022, do not qualify as FTX EU customers and need to direct their claims to FTX International instead of this exchange.
Upcoming distributions from FTX Estate on May 30
FTX Digital Markets, which operates separately from FTX EU, completed its first round of reimbursements on February 18, facilitated by BitGo and Kraken. This initial round targeted “Convenience Class” members, those with claims under $50,000.
The next wave of reimbursements linked to FTX’s US bankruptcy case is scheduled for May 30 and will cover creditors under Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims. FTX is projected to allocate a total of $11.4 billion for these payments.
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