The bankrupt crypto exchange FTX has added Payoneer to its list of distribution agents, alongside BitGo and Kraken. This fintech platform is now the third entity tasked with helping deliver refunds to retail customers. However, many users remain upset — especially those in so-called "restricted jurisdictions."
FTX announced that Payoneer would be available as a payment provider starting May 30, 2025, for supported countries. In the previous two payout phases, over $7 billion was distributed. Payoneer is expected to take a major role in the upcoming third phase.
🔒 Terms come with a catch
FTX warned that customers who register with Payoneer effectively waive their right to receive payouts directly from the exchange. Instead, FTX will transfer funds to Payoneer, which will then send them to users’ bank accounts. The company also urged caution against phishing attempts and fake FTX websites, clarifying it would never ask creditors to connect their wallets.
Help for Some — But Many Still Waiting
The inclusion of Payoneer appears to be a response to criticism from users in blocked countries — like China, Russia, Nigeria, and Egypt — who were left out of previous payouts. Although Payoneer expanded access to more regions (e.g., Indonesia, Japan, and some U.S. states like New York and Maine), only about 90 out of its 190 supported countries currently qualify for FTX distributions.
📌 Who’s still excluded?
Key nations like China, Russia, Ukraine, and Nigeria are still restricted. This is particularly problematic as China alone holds about 8% of total creditor claims.
Several creditors accuse the bankruptcy administrators of favoring U.S.-based users while leaving others in limbo, leading to mounting frustration.
Even in the Bahamas, Frustration Grows
The backlash isn’t limited to restricted countries. Creditors in supported jurisdictions — like the Bahamas — are also voicing complaints. Many are stuck in stages like identity verification, payout setup, or claim resolution, sometimes for months.
However, some users have reported receiving their funds, indicating that the issues don’t affect all FTX Bahamas customers. Meanwhile, several users are still waiting on disputed claims. FTX has allocated $6.5 billion for these claims, with $3.1 billion expected to be approved in the next phase.
📉 BitGo Users Facing Delays Too
Even BitGo, once considered a reliable intermediary, is now facing criticism. According to creditor advocate Sunil Kavuri, BitGo withdrawals are delayed due to technical hurdles, weekend inactivity, and the fact that transfers aren’t processed in real-time.
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