FTX, the bankrupt crypto exchange, has added Payoneer to its creditors’ repayment options, according to a June 10 statement.
The new company would serve as an additional asset distribution channel, alongside BitGo and Kraken.
Payoneer operates a global payments platform across more than 190 countries and territories. Under the agreement, Payoneer will help distribute funds to retail customers in eligible jurisdictions, which aligns with FTX’s ongoing reorganization plan.
This new option will be available for all future distributions made after May 30, 2025.
FTX clarified that customers choosing this method will waive their right to direct US dollar distributions. Instead, the bankrupt exchange will transfer funds to Payoneer, which will credit the customer’s chosen bank account.
The company stressed that the value received will align with each customer’s entitlement under the plan, regardless of currency.
This development follows FTX’s recent completion of two significant repayment phases. The exchange returned nearly $7 billion to creditors across both rounds, roughly $1.8 billion in the first phase and $5 billion in the second.
Notably, retail investors with smaller claims were repaid mainly in full, while larger creditors with claims exceeding $50,000 have faced limits on full recovery.
FTX creditors in Nigeria and China remain excluded
Despite adding Payoneer to the distribution process, FTX’s repayment reach remains incomplete.
Thomas Braziel, a specialist in FTX claims at 117 Partners, pointed out that the new channel primarily benefits customers in India, Indonesia, Japan, and select US states where restrictions on crypto custodians previously blocked payouts.
He furthered that many FTX creditors in key markets like Russia, China, Egypt, and Nigeria remain sidelined from the ongoing repayment process.
Interestingly, creditors from these countries made up a significant portion of FTX’s user base before its collapse. For context, FTX’s data shows that creditors from China alone represent 8% of total claims.
The ongoing lack of access for these regions highlights persistent gaps in FTX’s global asset recovery, raising concerns about fairness and transparency as the process progresses.
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