Crypto▼ Bearish
FTX's $900M July payout skips creditors in 45 countries
Creditors in 45 countries cannot access FTX's $900M July 31 payout due to provider restrictions. Those who missed the June 16 onboarding deadline risk losing their claim within six months.
Continue with
FTX has about $900 million ready for the July 31 distribution. Only creditors who completed KYC by June 16 and onboarded with a participating provider will receive the money.
The payout covers holders of allowed claims in Classes 5A, 5B, 6A, 6B and 7. Those who met the conditions should see funds from BitGo, Kraken or Payoneer within one to three business days of July 31, FTX said.
To qualify, the claim had to be allowed and the original holder had to clear KYC by the June 16 record date. A valid tax form, successful provider onboarding and sanctions screening also had to be finished by then, according to FTX's distribution dashboard FAQ.
As of May 22, FTX's provider-eligibility page listed 45 jurisdictions whose residents cannot select a distribution provider. The roster includes Afghanistan, Algeria, Bangladesh, Belarus, Burundi, Cambodia, Cameroon, Central African Republic, Chad, China, Colombia, Democratic Republic of the Congo, Republic of the Congo, Cuba, Egypt, Equatorial Guinea, Ethiopia, Fiji, Gabon, Guernsey, Honduras, Iran, Iraq, Kuwait, Lebanon, Lesotho, Libya, Macau, Malawi, Maldives, Moldova, Morocco, Myanmar (Burma), Nepal, North Korea, Qatar, Russia, Rwanda, Saudi Arabia, Somalia, Sudan, Syria, Tunisia, Ukraine and Western Sahara.
FTX says provider coverage may change and additional options may be added, making the roster a snapshot rather than a permanent bar. For now, when no available provider can service a jurisdiction, FTX defers the distribution.