FTX and Payoneer Team Up to Support Customer Distributions Amid Bankruptcy Recovery

FTX and Payoneer Join Forces for Customer Distributions



In a significant development for those affected by its Chapter 11 bankruptcy, FTX Recovery Trust and FTX Digital Markets Ltd. have announced a new partnership with Payoneer, a well-known global financial technology firm. This agreement will allow Payoneer to act as a distribution service provider for FTX, enabling smoother transactions for customers seeking to receive distributions following FTX's restructuring efforts.

The addition of Payoneer to FTX's distribution network also includes other prominent players in the crypto space, such as BitGo and Kraken. This partnership will streamline the process of distributing funds to retail clients situated in jurisdictions recognized under the FTX recovery plan. With Payoneer, customers will now have more options for receiving their funds, which are critical during this recovery period.

Founded in 2005, Payoneer has established itself in providing online payment and money transfer services to individuals and businesses across over 190 countries. It is especially known for facilitating transactions in the international market, which makes it a strategic choice for FTX aiming to handle diverse clientele.

Understanding the Distribution Process


With immediate effect, Payoneer will be offering its services for distributions scheduled after May 30, 2025. Customers opting to work with Payoneer must note that they will be relinquishing their rights to cash distributions from FTX. Instead, they will direct FTX to transfer these funds directly to Payoneer, where they will then deposit the equivalent amount in cash into the customer’s bank account, depending on their selected currency.

This process requires those looking to receive distributions through Payoneer to complete several essential steps outlined by FTX. First, customers must log in to the FTX Customer Portal, ensuring they have completed the Know Your Customer (KYC) verification process. Subsequently, they also need to fill out requisite tax documentation and confirm their onboarding with either BitGo, Kraken, or Payoneer.

For customers holding transferred claims, it is crucial to remember that distributions will be made only to the individual or entity listed as the transferee of an allowed claim. The claims must also appear on the official register maintained by the Notice and Claims Agent, while respecting future record dates concluded without objections during the stipulated 21-day notice period.

Customer Support and Security Measures


FTX has dedicated a customer support system for inquiries regarding fund disbursals through their chosen distribution service provider. Customers are encouraged to reach out directly to these services should they need clarification or assistance during the distribution process. Moreover, they must remain vigilant against phishing attacks that may impersonate FTX communications, as the firm has reiterated that it will never ask users to connect their wallets or disclose sensitive information.

Moving Forward


As FTX continues to navigate the complexities of its bankruptcy proceedings, the incorporation of Payoneer into their distribution framework represents an important step towards restructuring and recovery. Insight into the full process and further information on distributions can be sought through the FTX support portal, ensuring that customers remain informed and proactive as they work to reclaim their funds amidst this tumultuous situation.

For further details on the bankruptcy court filings and the restructuring plan, individuals can access the official website where all related documents are available. This transparency aims to provide support and reassurance to all involved as they await their rightful recoveries during this transformative phase for FTX and its valued customers.

Topics Financial Services & Investing)

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