Crypto trading firm Backpack, which bought the European arm of bankrupt exchange FTX, has begun the process for customers to claim their funds. Backpack, which purchased FTX EU for $32.7 million in January, directed customers to complete the first …

Backpack, which announced its acquisition of the European arm of bankrupt exchange FTX on Monday, has not been authorized by FTX to make any distributions to any FTX customers or other creditors, the FTX bankruptcy estate said.

FTX’s bankrupt European arm, which held a MiFID II-license under the Cyprus Securities and Exchange Commission (CySEC), was acquired by Backpack for $32.7 million.