The cryptocurrency exchange FTX has entered into a partnership agreement with Payoneer, expanding the list of compensation payment providers for its creditors and retail clients. Now, FTX users will be able to choose among three services: BitGo, Kraken, and Payoneer, which facilitate the distribution of assets according to the company’s restructuring plan.
This is reported by Finway
Payoneer Joins FTX Payment System
Payoneer has become the third official provider for compensation payments to FTX clients and the second in the liquidation process of FTX Digital Markets Ltd (FTX DM) in the Bahamas. From now on, users can choose which provider to receive their funds through, starting from May 30, 2025. Additionally, Payoneer has joined the existing BitGo and Kraken, which operate under the restructuring plan approved by the U.S. Bankruptcy Court in Delaware, as well as in accordance with procedures in the Bahamas.
The first round of FTX compensation payments was conducted on February 18, 2025. The second phase began on May 30, 2025, according to the company’s updated payment schedule. Under the new terms, clients who choose Payoneer irrevocably waive direct cash transfers in U.S. dollars or equivalent currency. Instead, they authorize FTX to make the transfer to Payoneer, and then the service credits the funds to the bank account selected by the client in the designated currency.
“Payoneer is a public company operating in over 190 countries, and we are pleased that it is joining our system of transparent and controlled payments,” said FTX in an official statement.
Conditions for Receiving Payments and Additional Details
To participate in the upcoming rounds of payments, all clients must complete the Know Your Customer (KYC) identification on the FTX portal, submit the necessary tax documents, and register with one of the three available providers: BitGo, Kraken, or Payoneer.
If clients have transferred their rights to compensation to third parties, payments will only be received by those new claim holders who were registered in the official claims registry by the cutoff date, as well as after the completion of the 21-day period for submitting objections.
It is noted that the compensation process and response to FTX’s bankruptcy remain a focal point in various countries around the world, and the company continually improves its procedures for transparency and efficiency in asset distribution.