After three years of waiting, checking your email, and wondering if you’d ever see a cent, the notification finally arrives: your FTX funds are available for withdrawal. For European account holders, this moment arrived in early 2026, when liquidators began processing claims from the defunct exchange’s European subsidiary. But the money that hits your bank account won’t match what you originally held. A fee structure, buried in liquidation documents, means you’re paying for the privilege of retrieving your own assets.
The Fee Structure That Surprised Everyone
A Reddit user who received their funds in February 2026 shared the cold, hard numbers. For balances up to €2,000, the liquidator charges €8. For amounts between €2,000 and €50,000, the fee jumps to €13. And for larger claims exceeding €50,000, you’re looking at €3 plus 0.15% of your balance, capped at €353.
These aren’t processing fees from your bank. They’re administrative charges from the very entity that’s supposed to be returning your money. The user, who held mostly uninvested euros in their FTX wallet, saw €13 deducted from their recovery, a small but symbolic reminder that even “successful” claims come at a cost.
The fee structure reveals a fundamental truth about crypto exchange collapses: recovery is never complete. While traditional securities accounts in France benefit from investor protection schemes like the FGDR (Fonds de Garantie des Dépôts et de Résolution) covering up to €70,000, crypto platforms operate in a regulatory gray zone where customers bear the administrative burden of liquidation.
The Backpack Exchange Connection: A New Chapter for FTX EU
Here’s where the story takes an ironic turn. The entity processing these repayments isn’t a neutral third-party liquidator, it’s Trek Labs Europe LTD, operating as “Backpack Exchange.” This company acquired the European arm of FTX in January 2025 and now manages the repayment process for former FTX EU customers.
When initiating a withdrawal, users report receiving prompts to create a new account with Backpack Exchange. The Reddit user who shared their experience put it bluntly: “Jamais de la vie” (Never in a lifetime). This sentiment reflects a broader distrust among former FTX users, who’ve learned the hard way that crypto platform promises often evaporate when regulatory scrutiny intensifies.
The acquisition highlights a pattern in the crypto industry: failed platforms get rebranded, licenses get recycled, and the same infrastructure changes hands while customers foot the bill. For French regulators at the AMF (Autorité des Marchés Financiers) and ACPR (Autorité de Contrôle Prudentiel et de Résolution), this raises questions about whether license transfers adequately protect consumers or simply allow problematic actors to persist under new names.
French Regulatory Context: When Recovery Meets Reporting
French crypto investors face a double complication: recovery fees on one side, and tax reporting requirements on the other. The DGFiP (Direction Générale des Finances Publiques) requires declaration of all crypto gains, but what about recovered funds that have been diminished by fees?
Under French tax law, crypto assets are subject to the PFU (Prélèvement Forfaitaire Unique) at 30% on capital gains. However, the treatment of recovered funds from a bankrupt exchange remains ambiguous. The fees paid to liquidators could theoretically be deducted, but the administrative burden falls on the taxpayer to document these losses, a challenging task when dealing with foreign entities like Backpack Exchange.
This situation underscores why French authorities have grown increasingly skeptical of crypto platforms. The governor of the Banque de France has issued official warnings about Bitcoin’s risks from French financial authorities, emphasizing that digital assets lack the safeguards of traditional financial instruments. The FTX recovery fees provide a concrete example of these risks materializing.
Moreover, with DAC8 enforcement now in full effect since January 2026, French tax authorities can access transaction data from all EU-registered crypto platforms. This means your recovery claim won’t fly under the radar. The crypto tax reporting and regulatory scrutiny in France has reached a level where even three-year-old claims from defunct exchanges become part of your permanent fiscal record.
The Real Math: What Recovery Actually Costs
Let’s break down what these fees represent beyond the nominal amounts. For the Reddit user who recovered funds, the €13 fee on a balance that was presumably several thousand euros works out to around 0.3-0.6% of their holdings. That’s comparable to the exit fees some traditional French banks charge for closing accounts, but with a crucial difference: you didn’t choose to leave FTX, it collapsed.
For larger investors, the 0.15% fee can become substantial. A €100,000 claim would incur the maximum €353 charge, plus the base €3 fee. While this cap prevents fees from spiraling out of control, it still represents a significant haircut on funds that were supposed to be segregated and protected.
The fees also fail to account for:
Opportunity cost: Three years of potential gains (or losses) while your funds were frozen
Currency fluctuation: If you held crypto instead of euros, the recovery is calculated in fiat terms, potentially missing market upswings
Inflation: The purchasing power of your recovered euros has diminished since November 2022
Administrative burden: Time spent on claims, documentation, and follow-up
When you factor in these hidden costs, the true expense of exchange failure far exceeds the liquidator’s fee schedule.
Lessons for French Crypto Users: Protecting Yourself from the Next Collapse
The FTX recovery saga offers several takeaways for anyone holding crypto in France:
1. Platform choice matters more than fees
Opting for the cheapest exchange with the highest yields often means weaker regulatory oversight. French platforms registered with the AMF may offer less eye-popping returns but provide clearer recourse if things go wrong.
2. Understand your account type
The Reddit user emphasized they were on “nouveaux comptes Europe” (new European accounts), which apparently receive different treatment than international accounts. Always know which legal entity holds your funds and under which jurisdiction.
3. Keep meticulous records
With DAC8 reporting requirements, every transaction matters. Download monthly statements, save transaction IDs, and document your cost basis. If your exchange fails, this paperwork becomes invaluable.
4. Consider the FGDR alternative
Traditional French brokerage accounts benefit from FGDR protection. While crypto isn’t eligible, understanding this gap helps you assess risk accurately. No French crypto platform currently offers equivalent protection.
5. Recovery isn’t the end
Even when funds are returned, the process costs time and money. Budget for potential fees, tax complications, and the psychological toll of dealing with liquidation procedures.
The Bottom Line: A Cautionary Tale for the Crypto-Curious
Sam Bankman-Fried continues to claim innocence from his prison cell, but for the thousands of FTX users finally receiving their funds, the verdict is clear: the crypto ecosystem’s promise of financial sovereignty comes with hidden costs that materialize most painfully during failure. The €13 fee deducted from a European user’s recovery isn’t just an administrative charge, it’s a reminder that in the unregulated corners of finance, customers pay the price for collapse at every stage.
French regulators have been pushing for stricter oversight, and cases like FTX validate their concerns. As you navigate crypto investments from France, remember that recovery fees are just one of many potential pitfalls. The DGFiP’s expanding surveillance capabilities mean every transaction carries tax implications, while the lack of deposit insurance means every platform carries existential risk.
The next time you see a crypto exchange offering unbelievable yields or zero-fee trading, ask yourself: what’s the real cost? Because when the music stops, you might find that getting your own money back is the most expensive transaction of all.
