FTX, the bankrupt cryptocurrency exchange, has officially partnered with Payoneer to facilitate the distribution of customer refund payments. Payoneer will serve as an optional intermediary alongside existing distributors BitGo and Kraken to process reimbursements for eligible customers. This service supports FTX's Chapter 11 Plan of Reorganization as mandated by the United States Bankruptcy Court for the District of Delaware.
The refund process via Payoneer is available for claims lodged after May 30, 2025, and customers opting for this method will forfeit their rights to receive cash distributions through the original U.S.-approved reimbursement plan. Instead, funds will be transferred from FTX to Payoneer, which then credits the customer's selected bank account in the applicable currency.
To participate, customers must complete Know Your Customer (KYC) verification, submit tax documents, and choose a payment provider among BitGo, Kraken, or Payoneer via the official claims portal.
FTX recently completed two repayment phases, returning approximately $7 billion to creditors, including $1.8 billion in the first phase and around $5 billion in the second. Smaller retail investors were mostly repaid in full, while larger creditors with claims exceeding $50,000 face significant limitations on recovery.
Despite the inclusion of Payoneer expanding repayment options for customers in India, Indonesia, Japan, and select US states, the repayment process still excludes creditors from Nigeria and China. Notably, China accounts for 8% of total claims, highlighting ongoing challenges in FTX’s global asset recovery and raising concerns over fairness and transparency for users in excluded regions.
Following the announcement, FTX’s native token (FTT) experienced a slight price increase of 1.8%, trading near $0.98 within 24 hours.