FTX, the bankrupt cryptocurrency exchange, has announced a significant expansion of its creditors’ repayment options, adding global payments platform Payoneer to its list of distribution channels.
This move, detailed in a June 10 statement, aims to streamline the process of returning funds to customers as part of FTX’s ongoing reorganization efforts.
Payoneer will serve as an additional asset distribution channel for creditors, working alongside previously designated partners BitGo and Kraken. Leveraging its extensive global reach across more than 190 countries and territories, Payoneer is set to facilitate the distribution of funds to retail customers in eligible jurisdictions. This aligns directly with FTX’s overarching reorganization plan, which seeks to maximize recovery for affected users.
For customers opting for this new method, there is a specific clarification: by choosing Payoneer, claimants will waive their right to receive direct U.S. dollar distributions.
Instead, FTX will transfer the entitled funds to Payoneer, which will then credit the customer’s chosen bank account in their local currency or preferred method supported by Payoneer. FTX has stressed that the ultimate value received by each customer will precisely align with their entitlement under the approved plan, regardless of the currency conversion process.
This new repayment avenue will be available for all future distributions made by FTX that are processed after May 30, 2025. The inclusion of Payoneer underscores FTX’s commitment to providing diverse and accessible channels for its creditors to recover their assets as the complex bankruptcy proceedings continue to unfold.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/ftx-unveils-important-option-for-creditor-distributions/