Payoneer Joins BitGo and Kraken as Third Distribution Service Provider for FTX and Serves as the Second for FTX DM
The FTX Recovery Trust (collectively “FTX”) and FTX Digital Markets Ltd. (“FTX DM”) announced that each has entered into an agreement with Payoneer, a publicly traded global financial technology company founded in 2005 that provides online money transfer and digital payment services in over 190 countries and territories, to assist in distributing recoveries to retail customers in supported jurisdictions and in accordance with the FTX Chapter 11 Plan of Reorganization confirmed by the United States Bankruptcy Court for the District of Delaware (the “Plan”) and with the FTX DM liquidation process before the Commercial Division of The Supreme Court of The Commonwealth of The Bahamas. Payoneer will be available as a distribution service provider to customers for distributions to be processed after May 30, 2025, joining BitGo and Kraken as the FTX’s third distribution service provider and serving as FTX DM’s second distribution service provider.
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Customers should be aware that by selecting “Payoneer” and requesting to be onboarded as a Payoneer customer, they are irrevocably electing to forego their right to receive cash distributions (i.e. distributions in the legal tender of the United States of America or the equivalents thereof, such distributions the “Cash Distributions”) from FTX and are instead (a) directing FTX to pay, directly to Payoneer, any Cash Distributions to which they otherwise would be entitled to under the Plan and (b) directing Payoneer to then credit their selected bank account with cash (in any applicable currency based on their account selection) in an amount that corresponds to any Cash Distributions to which they would otherwise be entitled under the Plan. Following the distribution, if customers have any questions related to the disbursement of the funds, they should contact customer support at their distribution service provider directly.
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As a reminder, to be eligible to receive a distribution on a subsequent distribution date, customers and other creditors must complete the following prior to their distribution record date:
- Login to the FTX Customer Portal (https://claims.ftx.com) (applicable to customers).
- Complete required Know Your Customer (“KYC”) verification.
- Submit the required tax forms.
- Onboard with either BitGo, Kraken or Payoneer, FTX’s distribution service providers. FTX will provide instructions for onboarding with each of the distribution service providers on the existing FTX Customer Portal.
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For transferred claims, distributions will only be made to the transferee holder of an allowed claim that is processed and reflected on the official register of claims maintained by the Notice and Claims Agent as of future record dates, where the 21-day notice period has lapsed without objection.
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Source: prnewswire
