FTX Partners With Payoneer For Global Repayment Options

FTX, the bankrupt cryptocurrency exchange, has announced a strategic partnership with Payoneer to enhance its global repayment options for customers. This collaboration aims to streamline the process of refund disbursements for eligible customers who filed claims before and after May 30, 2025. Payoneer will handle these payouts, ensuring that customers receive their funds in local currencies, which simplifies cross-border transactions and expands access to supported jurisdictions.

Payoneer, an international payment service available in more than 190 countries and territories, will serve as an intermediary in jurisdictions supported by the FTX Chapter 11 Plan of Reorganization. This includes aiding in the liquidation of FTX DM. By introducing Payoneer into the repayment process, FTX will provide customers with greater flexibility and access to their funds with greater ease. Customers interested in using Payoneer must log in to the FTX claims portal, provide Know Your Customer (KYC) verification, fill in the necessary tax forms, and select Payoneer as their distribution partner. However, by choosing Payoneer, customers waive their right to direct cash distributions by FTX, as the funds will be transferred to Payoneer, who will then deposit the amount into the customer's bank account in their local currency.

FTX has added Payoneer to its list of trusted distribution partners, which already includes BitGo and Kraken. This move is part of FTX's broader efforts to improve its Chapter 11 repayment plan, designed to return funds to former customers and creditors. By integrating Payoneer into its repayment ecosystem, FTX is providing more flexibility and convenience for its customers, who can now opt for multi-currency payouts in over 190 countries. This is expected to accelerate the repayment process and enhance customer satisfaction.

Payoneer's flexibility and ease of use are particularly beneficial to international users who do not necessarily use U.S. dollars. However, customers should be aware that this option is irreversible. Once they choose Payoneer and go through the onboarding process, they will not be able to revert to direct cash payments on FTX. For any inquiries concerning payment processing, customers must reach out to Payoneer's customer support directly, as FTX will no longer handle support requests relating to Payoneer-related distributions.

This collaboration underscores FTX's commitment to leveraging innovative financial technologies to facilitate smoother and more efficient repayment processes. The FTX Recovery Trust, which oversees the distribution of funds, has welcomed Payoneer as a key player in this initiative. The inclusion of Payoneer in FTX's repayment options is a significant development for customers who have been awaiting their refunds. By offering local currency payouts, Payoneer addresses one of the major challenges in international transactions, making it easier for customers to receive their funds without the complexities of currency conversion.

Overall, the partnership between FTX and Payoneer represents a proactive step towards resolving the financial issues faced by the exchange's customers. By expanding its repayment options and leveraging Payoneer's global reach, FTX is taking concrete actions to fulfill its obligations to its creditors and restore trust in the cryptocurrency community. Customers should carefully follow the latest developments through the official FTX claims portal and make decisions on which payment option they prefer.