Crypto -handing company -backpack that bought the European arm of bankruptcy exchange FTX has begun the process for customers to demand their funds.

Backpack that bought the FTX EU for $ 32.7 million in January, customers instructed to complete the first step in know-your-custom (KYC) verification in a x Tuesday post.

Step two of the process will be the distribution of funds, although it is unclear when this will occur. Backpack describes this as “coming later” on its FAQ side.

The backpack’s acquisition of the FTX EU was criticized by the bankruptcy estate of the wider unit of FTX.

The FTX property said that backpack had no involvement in the US bankruptcy-approved process for returning funds and that it was not allowed to make any distributions to customers.

FTX has collected $ 11.4 billion in cash to distribute to parties affected by its collapse in 2022, with payments to commence at the end of May.