FTX Extends KYC Deadline: 400,000 Users Must Verify Identities to Secure $2.5 Billion in Repayments

Nearly 400,000 FTX users face the risk of losing out on a combined $2.5 billion in repayments if they fail to complete the required Know Your Customer (KYC) process. The deadline for KYC verification has been extended to June 1, 2025, providing users additional time to submit their documents and secure their claims. FTX is set to begin creditor repayments on May 30, with $11.4 billion already recovered for distribution.

400,000 FTX Users Risk Losing Repayments If KYC Isn’t Completed

Nearly 400,000 FTX users risk losing a combined $2.5 billion in repayments due to failing to complete the required KYC process before the initial deadline. However, the KYC upload deadline has been extended to June 1, 2025, giving users more time to verify their identity and maintain their claims. FTX plans to begin repaying creditors on May 30, with $11.4 billion already recovered to be distributed.

FTX: 400,000 Crypto Users Risk Losing $2.5 Billion Due to KYC Non-Compliance

The FTX saga continues to impact the crypto ecosystem, with nearly 400,000 creditors of the now-bankrupt platform risking the loss of their reimbursement rights, estimated at over $2.5 billion. The Delaware bankruptcy court confirmed in a document published on April 2, 2025, that creditors who did not complete the KYC (Know Your Customer) process before March 3, 2025, at 4 PM (Eastern Time) will have their claims dismissed. Claims below $50,000 amount to $655 million, while those exceeding this threshold total $1.9 billion. These amounts could be excluded from the next reimbursement plan of FTX scheduled for May 30, 2025.