Some former clients of the bankrupt FTX exchange may face delays in receiving their assets. Users of the platform are reporting this on social networks.
FTX lenders in countries such as Egypt, Iran, Nigeria, Ukraine, China, Russia, Saudi Arabia are currently not eligible for distribution through Bitgo and Creak , one FTX creditor wrote.
Former FTX clients are expected to receive their funds through court-approved exchanges BitGo and Creak . This is where the problem arose. The fact is that these platforms will not be able to make payments to citizens of a number of countries: Russia, Ukraine, Iran, Egypt, China, Nigeria and Saudi Arabia.
FTX representatives acknowledged the existence of problems with payments and stated that they may revise the list of crypto exchanges through which funds will be returned.
The first round of payments is expected to begin in March 2025, following a U.S. bankruptcy court's approval of FTX's creditor repayment plan in early January 2025. To receive the money, former users of the exchange must register with BitGo and Creak and go through the KYC (“know your customer”) procedure.
