The now-bankrupt cryptocurrency exchange FTX has enlisted a crucial partner in the dispersal process for customer funds. FTX Recovery Trust and FTX Digital Markets (FTX DM) have announced that global financial technology company Payoneer will assist in the distribution of payments following FTX’s collapse. Payoneer will operate as the third distributor for customers with payout dates beyond May 30, 2025. However, some users expressed disappointment on social media about their countries being excluded from this initiative. Despite this, the integration of Payoneer signals a significant broadening of FTX’s multibillion-dollar repayment plan.
Expansion of Distribution Network through Payoneer
With the inclusion of Payoneer as a joint entity in the fund distribution process, FTX has significantly increased its payment reach. As a fintech giant, Payoneer joins Kraken and BitGo as the third official payment distributor for FTX, and the second for FTX DM. The service is particularly tailored for clients eligible for payments after May 30, 2025, according to the announcement.
The company’s global presence will play a critical role in the distribution of FTX funds. Payoneer will facilitate payments to former FTX clients in 93 different jurisdictions where its operations are ongoing. This extensive reach implies that more users will find it easier to access their funds compared to previous arrangements.
Nevertheless, not all customers are pleased with the development. Some users on social media platform X have voiced discontent that their countries remain out of the distribution scope despite Payoneer’s involvement. This indicates that certain geographical limitations persist, even with promises of global access.
Critiques and Details of the Payment Plan
FTX customers have expressed dissatisfaction with the method used for calculating payments. Last month, FTX revealed that as part of the Chapter 11 restructuring plan, the second phase of payment distribution for former clients had commenced. Over $5 billion is projected to be disbursed during this phase.
The entire repayment plan covers an amount between $14.7 billion and $16.5 billion. However, the specific amount creditors receive depends on the nature of their claims and the valuation of assets at the time of their 2022 bankruptcy. The asset valuation methodology is a major point of contention.
Many customers find it unjust that payments are being calculated based on the dollar value of their assets during the lower market conditions when the cryptocurrency exchange collapsed in 2022. For example, on the bankruptcy’s official date, November 11, 2022, Bitcoin 
$104,925 was valued at only $17,583, a stark contrast to its current approximate value of $109,547. The enormous differential, around a 523% increase, dramatically highlights potential losses for customers. Consequently, users vehemently criticize payments being appraised at bottom-market prices rather than current market values.
