FTX Teams Up with Payoneer to Dish Out Cash to Burned Customers

New Partnership Aims to Streamline Compensation Process

Hold onto your hats, crypto fans—FTX just dropped a bombshell! They've teamed up with Payoneer, the go-to distribution service, to get funds back into the hands of those who got burned. Payoneer's stepping up as an optional middleman to help get your money back, pronto.

Straight from the horse's mouth, Payoneer's all set to handle the cash flow for retail customers who've registered and are eligible for a piece of the pie from FTX's legal drama. If you've got a claim filed after May 30, 2025, Payoneer's got your back to help process those reimbursement requests.

But listen up: "For transferred claims, distributions will only hit the accounts of the transferee with a legit claim, processed and logged in the official register of claims. And no funny business—we're talking a 21-day notice period with no objections," FTX laid down the law in their statement.

With this collab, Payoneer's now the third big name joining forces with FTX (FTT) to get those compensation funds flowing. They're rolling with the heavy hitters, BitGo and Kraken, to make sure FTX customers get paid.

This whole shebang is part of the bigger Chapter 11 Plan of Reorganization, courtesy of the United States Bankruptcy Court for the District of Delaware. It's a big deal, folks!

And hey, don't get caught in the phishing net! FTX's shouting from the rooftops to watch out for scam emails and fake sites pretending to be the real deal. After they dropped this news, the exchange's token took a tiny hop, up 1.8%. It's now trading at $0.98 in the last 24 hours—keep an eye on it!

Here's the kicker: if you go with Payoneer for your reimbursement, you're waving goodbye to your right to get those funds in cold, hard cash. That was part of the original plan greenlit by U.S. bigwigs, but not anymore.

Instead, FTX is funneling the funds through Payoneer, straight into your chosen bank account, in whatever currency you roll with. The amount you get? That's based on what you're owed under the new reimbursement plan.

To get your hands on these compensation funds through Payoneer, you gotta jump through a few hoops. Log into the official claims portal, do the Know Your Customer dance, fill out those pesky tax forms, and then pick your payment service provider—BitGo, Kraken, or Payoneer.

And don't forget, back in May, FTX kicked off the second round of payouts to eligible creditors. We're talking about a whopping $5 billion spread across the Convenience and Non-Convenience Classes. That's a lot of dough, people!