The cryptocurrency exchange FTX has entered into a new agreement with the fintech company Payoneer, which has now become the third official provider of compensation payments to retail clients. This decision also applies to the liquidation process of FTX Digital Markets Ltd (FTX DM) in the Bahamas, where Payoneer serves as the second provider for fund distribution.
This is reported by Business • Media
Three Providers for FTX Clients to Choose From
From now on, FTX users can choose among three providers for receiving compensation: BitGo, Kraken, and Payoneer. All of them operate under the restructuring plan approved by the U.S. Bankruptcy Court in Delaware, as well as in accordance with the liquidation procedures in the Bahamas. Access to payments through Payoneer will be available after May 30, 2025.
It is worth noting that the first round of payments to FTX creditors took place on February 18, 2025. The second round of payments is scheduled for May 30 of the same year.
Payment Terms through Payoneer and Client Requirements
By choosing Payoneer as their service provider, FTX clients irrevocably waive the direct receipt of funds in U.S. dollars or their equivalents. Instead:
- FTX transfers the compensation directly to the client’s Payoneer account;
- Payoneer credits the received funds to the chosen bank account in the currency selected by the user.
“Payoneer is a public company operating in over 190 countries, and we are pleased that it is joining our system of transparent and controlled payments,” reads the official statement from FTX.
To be eligible for compensation in future rounds, clients must complete the Know Your Customer (KYC) verification on the FTX portal, submit all necessary tax forms, and register with one of the chosen providers — BitGo, Kraken, or Payoneer.
For users who have transferred their claims to third parties, payments will be made exclusively to the new claim holders, provided their official registration and the completion of a 21-day objection period as of the cut-off date.