FTX Teams with Payoneer to Accelerate Customer Payouts – Crypto Creditors Rejoice

Bankrupt crypto exchange FTX just threw creditors a lifeline—partnering with fintech giant Payoneer to finally distribute frozen funds. Could this mark the beginning of the end for one of crypto’s messiest bankruptcies?

Here’s the breakdown:

The Payoneer Play: FTX’s estate taps the payments platform to streamline payouts to eligible users. No more waiting for paper checks or praying for Binance charity.

Who Gets Paid? Details remain scarce, but expect clawbacks, haircuts, and the usual bankruptcy theater. After all, when has crypto ever made anyone whole?

Why It Matters: Every recovered dollar chips away at the $8B black hole left by SBF’s ‘math mistakes.’ Progress? Sure. Justice? The SEC’s still counting its billable hours.

One small step for creditor recovery… one giant leap for crypto’s institutional credibility. Maybe.

• FTX partnered with Payoneer to assist in distributing customer refunds under its Chapter 11 Plan of Reorganization.
• Payoneer becomes the third official distribution provider, joining BitGo and Kraken in handling fund reimbursements.
• The partnership applies to claims filed after May 30, 2025, and only to users registered and verified through the official portal.

FTX has partnered with payment platform Payoneer to assist in the next phase of fund distributions to its former users. The partnership will allow Payoneer to become a third-party service provider in association with Kraken and BitGo. This MOVE comes under FTX’s broader Chapter 11 Plan of Reorganization approved by the U.S. Bankruptcy Court in Delaware.

Through the new collaboration, eligible users will have the option of greater flexibility in choosing the manner in which they are reimbursed under the structured payout plan. Payoneer will assist users to undertake identity verification and banking process to facilitate effective delivery of funds. Payments under this avenue will start being made on claims that are received after May 30, 2025.

FTX aims to continue its multi-phase reimbursement process through a regulated framework established by the court. The platform insisted on the Know Your Customer process and tax forms being filled as appropriate. Once registered, users have an option of selecting Payoneer to act as their distribution service.

Payoneer to Manage Optional Fund Transfers

FTX has partnered with payment platform Payoneer to assist in the next phase of fund distributions to its former users. The collaboration will enable Payoneer to integrate into a third-party service provider in cooperation with Kraken and BitGo. This move comes under FTX’s broader Chapter 11 Plan of Reorganization approved by the U.S. Bankruptcy Court in Delaware.

Eligible users will be offered the choice of the increased flexibility in the selection of the way they are reimbursed under the structured payout plan through the new collaboration. Payoneer will guide the users to complete identity verification and banking process in order to enable successful transfer of funds. This avenue will begin making payments on claims received after May 30, 2025.

FTX aims to continue its multi-phase reimbursement process through a regulated framework established by the court. The platform demanded that the Know Your Customer procedure and tax forms be completed where necessary. After creating an account, one can choose Payoneer as a distributing service.

FTX Token Rises Slightly After Distribution Update

FTX’s native token FTT showed a small increase in price following the official announcement of the Payoneer partnership. The token increased by 1.8% and was changing hands at $0.98 in the past 24 hours. Market analysts said the rise was due to increased Optimism in the exchange’s recovery process.

The notice further reminded people not to use unofficial websites that imitate the claims procedure. FTX reiterated that all communications WOULD originate from verified channels to prevent misuse. The organization further cautioned that the designated providers would do any fund transfer.

The latest reimbursement stage, announced in May, comprises Convenience and Non-Convenience Class creditors. FTX confirmed this phase will distribute approximately $5 billion in total. The Payoneer alternative opens up the eligibility list for this refund endeavour.

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