FTX EU customers can finally see the light at the end of the tunnel.

Backpack Exchange officially kicked off the asset recovery process on April 1st, giving hope to Europeans who've been waiting since the November 2022 collapse.

If you're one of the unlucky souls with funds trapped in FTX EU, you can now start the verification process to get your euros back.

The Two-Step Money Recovery Dance

Backpack had decided ot not just open the floodgates – they're planning rolling this out in two carefully planned phases.

First, you'll need to verify your identity using the same email address connected to your old FTX EU account.

This means the full KYC treatment – passport, ID, and probably your firstborn (kidding, but barely).

Once your identity is confirmed, you'll get notified when your funds are ready for withdrawal, which is coming "at a later date" – classic crypto timeline.

Just to be clear, this only applies to euro balances and pending fiat withdrawals on FTX EU.

If you're waiting on crypto or NFTs, you're still stuck in the regular FTX bankruptcy process with everyone else.

Backpack's Power Move

Backpack finalized its FTX EU acquisition in January after receiving approval from the U.S. bankruptcy court and Cyprus regulators.

The deal also helps Backpack score FTX EU's coveted MiFID II license, basically getting a golden ticket to operate across Europe.

Armani Ferrante, Backpack's CEO, is playing the hero card: "Returning funds as quickly and safely as possible is our number one priority."

Translation: "We're the good guys cleaning up SBF's mess, and we get this shiny new license in the process.” 

So… everyone wins?

Why All The Identity Checks?

If you're wondering why you need to verify your identity again when FTX already had your info, welcome to post-FTX crypto.

The KYC process ensures Backpack stays compliant with Europe's strict AML and CTF regulations – something FTX apparently treated as optional.

It also prevents random people from claiming they had millions on FTX when they actually had a Dogecoin dust balance.

The verification system helps Backpack distribute funds efficiently without getting bogged down in the "but that's my wallet" drama.

What This Means For Crypto

Backpack's recovery effort shows that regulation and blockchain can actually work together when things go south.

This is a case study in how compliant exchanges can step in to fix the messes left by less scrupulous operators.

The MiFID II license will also position Backpack to fill the perp futures void in Europe after other exchanges bailed due to regulatory pressure.

It's a stark reminder that in 2025, playing by the rules might actually be good business.

What FTX EU Victims Should Do

If you had funds on FTX EU, get your verification done ASAP to make sure you're in the first distribution group.

There's no exact timeline for when you'll actually get your money, but at least the process is finally moving.

Remember this is separate from the main FTX bankruptcy, which has its own $50,000+ payout scheduled for May 30th.

And unlike the main FTX process, this one doesn't exclude users based on geography – a welcome change from the main bankruptcy's "sorry, wrong passport" approach.

Finally Ending The FTX Saga?

Backpack is turning a disaster into an opportunity while actually helping the victims – a refreshing change from the usual crypto-catastrophe playbook.

By prioritizing transparency and regulatory compliance, they're showing that crypto doesn't have to be a regulatory hellscape.

As Ferrante put it, "Customer restitution is a crucial step to rebuild trust and confidence in the industry."

After 2+ years of waiting, FTX EU users might finally get closure – and maybe, just maybe, their money back.