FTX Expands Global Payouts with Payoneer as New Distribution Partner

Highlights:

• Payoneer joins Kraken and BitGo to distribute refunds to FTX customers.
• Eligible users must complete KYC and tax forms via the FTX portal.
• Payoneer expands access to countries previously blocked from crypto payouts.

FTX and its digital arm, FTX DM, have brought on board Payoneer to undertake the compensation of customers. As stated in the press release, Payoneer is going to make payments on behalf of the customers expecting future distributions after May 30, 2025. It becomes the third payment processor in the program, joining BitGo and Kraken in assisting in refunding money to affected users. In the case of FTX DM, it will be the second provider.

Payoneer is an international fintech company that is operational in more than 190 jurisdictions. However, FTX will only be distributing funds to 93 supported jurisdictions with Payoneer as an intermediary between FTX and the bank accounts of users. After choosing Payoneer, users will receive their distributions in local currency. This value will be based on their entitlement to cash distribution in the official plan.

When choosing Payoneer, the customers forfeit their right to be paid directly in U.S. dollars. Rather, they permit FTX to transfer money to Payoneer to be disbursed. When the transfer has been done, customers are requested to reach out to Payoneer directly regarding payout queries.

(1/2) FTX announced it has entered into an agreement with an additional distribution service provider, Payoneer, to assist in distributing recoveries to retail customers in supported jurisdictions. For more information, please visit: https://t.co/ra1Q1uyx8r

— FTX (@FTX_Official) June 10, 2025

Registration and Onboarding Requirements for FTX Users

In order to receive refunds, customers will have to go through the FTX onboarding. To begin with, they should log in to the official portal to access their claim. Secondly, they will need to go through KYC verification and provide tax forms. Lastly, they must sign up with a provider, BitGo, Kraken, or Payoneer.

The funds will only be distributed to registered users on the official FTX claims site. This is done in accordance with the court-accepted Chapter 11 Plan of Reorganization. Moreover, FTX DM customers are also subject to liquidation under Bahamian law.

Furthermore, the FTX estate reminds the users that any payments are subject to eligibility and adherence to the necessary steps. Disbursements can be slowed down by any overlooked requirement. The honoring of claim transfers will be done after the last updates on the claims register and this will occur after the 21-day objection period.

Some Regions Still Face Distribution Limitations

Payoneer increases the availability of payouts in the supported countries, such as India, Japan, and Indonesia. The addition fills some of the gaps left by the previous distribution options. Nevertheless, there are countries that are still not included in the payout. This has led to social media users raising concerns about being excluded once more.

FTX payouts update: Payoneer now joins BitGo + Kraken. Adds coverage for India 🇮🇳, Indonesia 🇮🇩, Japan 🇯🇵 and the U.S. states NY/ME/WA that crypto custodians block. Still no distributions for China 🇨🇳, Russia 🇷🇺, Nigeria 🇳🇬, Ukraine 🇺🇦, Iran 🇮🇷, Pakistan 🇵🇰. Direct-to-bank fiat… https://t.co/QQFwpA9RMk

— Thomas Braziel (@ThomasBraziel) June 10, 2025

The data on FTX reveals the significant creditor bases in such countries as China, Egypt, and Nigeria. Full payout options are yet to be available to these users, something that critics note leaves a big number of customers underserved. Interestingly, Chinese creditors make up 8% of the claims filed prior to the collapse.

Though the platform has already run a second round of distribution in May 2025, it has not yet achieved full global coverage. The second distribution cycle covered customers within the Convenience and Non-Convenience CLASS and paid out approximately $5 billion according to the approved plan.

(1/3) FTX today announced that it has commenced the Second Distribution of more than $5 billion to holders of allowed claims in the Plan’s Convenience and Non-Convenience Classes that have completed the pre-distribution requirements.

— FTX (@FTX_Official) May 30, 2025

Overall, FTX will reimburse between $14.7 billion and $16.5 billion. The amount paid out at the end is dependent on the nature of claims and official valuations, a procedure carried out under close legal supervision.