FTX, the embattled cryptocurrency exchange now in bankruptcy, has partnered with Payoneer to facilitate the repayment of customer funds. The alliance with FTX Recovery Trust and FTX Digital Markets highlights Payoneer’s role as a distributor for payments scheduled after May 30, 2025. Although some users lament the exclusion of their countries from this scheme, Payoneer’s involvement suggests a vast enhancement of FTX’s repayment plans.
What Does Payoneer Bring to the Table?
The addition of Payoneer sees FTX significantly widening its payment channels. Known for its fintech prowess, Payoneer joins Kraken and BitGo, becoming the third official distributor for FTX, focusing on payments due in the latter half of the decade. This move ensures broader access to funds for former clients in many regions, evidencing FTX’s commitment to resolving its financial obligations.
Payoneer’s expansive global footprint will support the FTX fund disbursement in 93 jurisdictions. This step indicates a more efficient retrieval process for the multitude of FTX users globally. The strategic partnership underscores FTX’s determination to remedy its financial challenges while providing clients with enhanced access to their funds.
Are All Customers Satisfied with the Plan?
Not everybody celebrates this development. A segment of FTX’s clientele expressed dissatisfaction online, finding themselves left out of the Payoneer payment pathways. Such feedback unveils persisting regional barriers that need addressing to fulfill the proclaimed global accessibility.
Critiques also arise regarding the parameters for calculating repayments. FTX publicized last month that the second phase of its Chapter 11 restructuring plan has rolled out, targeting a payout surpassing $5 billion.
FTX’s comprehensive repayment mechanism is set to handle between $14.7 billion to $16.5 billion. However, some creditors may notice disparities due to issues regarding claim types and asset valuations during the 2022 bankruptcy. The method used in evaluating asset worth remains a contentious element of the scheme.
Several customers are displeased with the valuation method relying on 2022’s depressed market conditions. As an illustration, Bitcoin‘s value on November 11, 2022, was starkly low at $17,583 compared to its current state approaching $109,547. This massive 523% uplift illustrates significant losses borne by users and calls into question the fairness of aligning payouts with past low market prices. Clients ardently argue against such outdated assessments, advocating for contemporary valuations.
- FTX integrates Payoneer to broaden customer fund repayments.
- The new payment plan includes disbursements scheduled post-May 2025.
- 93 jurisdictions granted payment access under the new scheme.
- Chapter 11 payment plan estimates cover $14.7 to $16.5 billion.
- Bitcoin’s drastic price variation highlights valuation issues.
Despite the expansion, some remain frustrated due to restricted country access and outdated valuation arguments, spotlighting ongoing complexities in FTX’s financial recovery efforts.
