FTX has announced a strategic partnership with global payments platform Payoneer to facilitate compensation distribution for eligible customers under its Chapter 11 bankruptcy proceedings. This collaboration introduces Payoneer as an optional intermediary for claimants, joining existing distribution partners BitGo and Kraken.
Through the new arrangement, affected customers can opt to receive compensation funds directly in their preferred fiat currency via Payoneer, bypassing traditional banking intermediaries. This alternative aims to accelerate reimbursements while offering greater flexibility for international recipients.
Claimants selecting Payoneer must complete mandatory Know Your Customer (KYC) verification and tax documentation through FTX’s designated claims portal. This option requires forfeiting eligibility for direct cash payments through conventional banking channels.
Following the announcement, FTX’s native token FTT recorded a 1.8% price increase, reflecting cautious market optimism regarding the exchange’s reimbursement progress. The Payoneer integration forms part of FTX’s second distribution phase, which allocates approximately $5 billion to creditors.
The partnership seeks to enhance customer experience during the complex bankruptcy process while expediting fund disbursements to thousands of affected users worldwide.