FTX Collaborates with Payoneer to Disburse Customer Restitution Funds
Revamped Article:
FTX jumps aboard the payroll train with Payoneer, offering an extra hand in dishing out dough to affected clients. This newbie, serving as an optional middleman, will lend a helping hand in reimbursing the moolah.
In a recent press statement, the gig's up! Payoneer steps onto the scene to aid in distributing sweet compensation funds to retail customers registered and deemed worthy to collect from legal proceedings linked to the bankrupt exchange. This financial rodeo kicks off from May 30, 2025, and Payoneer will wrangle customer requests for reimbursements that follow the deadline.
"Claims that have been hustled across will only receive payments if the transferee holder of a validated claim is processed and reflected on the official register of claims maintained by the Notice and Claims Agent as of future record dates, where the 21-day notice period has passed without a peep," reads the company's declaration.
With this duo-up, Payoneer sashays into the spotlight as the third distribution partner to hit the dance floor with FTX. They join the heavy-hitters, BitGo and Kraken, in facilitating payment distributions for FTX customers.
The compensation fund payout is part of the Chapter 11 Plan of Reorganization imposed on the exchange by the United States Bankruptcy Court for the District of Delaware.
Post-announcement, the exchange's native token experienced a mini-boost, rising a smidgeon by 1.8%, according to data on our website. It's selling for $0.98 in the past 24 hours.
Netflix unveiled the main actors for their upcoming FTX series, The Altruist, while FTX Recovery Trust and its Digital Markets division reminded customers that after Opting in for the Payoneermethod, they'll forfeit their right to receive the distributed funds in cold, hard cash. The cash option was previously granted to customers as part of the original reimbursement plan approved by U.S. officials.
Instead, FTX will wire the moolah through Payoneer, which will then credit the customer's chosen bank account internationally, depending on the selected bank account. The amount credited to the account will be calculated based on the reimbursement funds the customer is entitled to receive under the distribution plan.
To scoop up the compensation funds, clients will need to log into the official claims portal, complete a round of Know Your Customer checks, submit tax forms, and sign up with their preferred payment service provider – either BitGo, Kraken, or Payoneer.
Earlier in May, FTX announced the second round of distributions for eligible creditors. This round covers eligible creditors in both the Convenience and Non-Convenience Classes, and amounts to around $5 billion in reimbursement funds.
FTX Announces $5 Billion Second Distribution to Eligible Creditors
Did You Know?- Payoneer operates in over 190 countries, allowing FTX to distribute recoveries to retail customers in supported jurisdictions globally.- To receive distributions through Payoneer, customers must onboard with Payoneer and direct FTX to pay distributions directly to Payoneer, which then credits the funds to the customer's selected bank account.- By choosing Payoneer, customers forfeit their right to receive cash distributions directly from FTX. Instead, distributions are made through Payoneer to the customer's bank account.- The partnership between FTX and Payoneer offers a more diversified and potentially smoother distribution process for affected customers. However, it also introduces new considerations for customers who must navigate the onboarding process and understand the implications of choosing Payoneer for their distributions.
- The partnership between FTX and Payoneer marks a new era in the technology and finance business, allowing FTX to distribute recovery funds globally to retail customers in supported jurisdictions, thanks to Payoneer's expansion into over 190 countries.
- With the addition of Payoneer, FTX now has three distribution partners, joining heavyweights BitGo and Kraken, in facilitating payment distributions for FTX customers as part of the Chapter 11 Plan of Reorganization.
- The Know Your Customer checks, tax forms, and payment service provider sign-up steps are essential for FTX clients who wish to receive their compensation funds via Payoneer, with the funds then being directly credited to their selected bank account.
- Although customers must forgo their right to receive cash distributions directly from FTX when opting for Payoneer, this new partnership offers a potentially smoother distribution process that increases diversity and efficiency in the crypto and DeFi landscape.
