On June 10, 2025, the FTX recovery trust and FTX Digital Markets Limited (FTX DM) announced that they had reached an agreement with Paianying. Paianying is a publicly traded global fintech company founded in 2005, providing online fund transfer and digital payment services in over 190 countries and regions.
According to the agreement, Paianying will assist FTX in allocating funds to retail customers in eligible jurisdictions. This is carried out in accordance with the FTX Chapter 11 restructuring plan confirmed by the U.S. District Court of Bankruptcy of Delaware and the FTX DM liquidation procedure of the Commercial Division of the Federal Supreme Court of the Bahamas. Starting from May 30, 2025, Paianying will become the third fund allocation service provider of FTX and the second fund allocation service provider of FTX DM, joining the ranks of Kraken and BitGo.
It should be noted by customers that if they choose “Paianying” and apply to become a Paianying customer, it means they irrevocably waive the right to receive cash distributions from FTX (i.e., US dollar legal tender or equivalent currency distributions). In fact, the customer was instructing FTX to directly pay the cash distribution it should have received under the restructuring plan to Paianying, and then Paianying would deposit an amount of cash equivalent to the cash distribution the customer was entitled to (in the applicable currency chosen by the customer’s account) into the bank account selected by the customer.
Previously, FTX chose Kraken and BitGo as its capital allocation partners to assist it in repaying funds to creditors during the bankruptcy reorganization process. Kraken is a well-known cryptocurrency exchange that assisted in handling the fund allocation for Mt. Gox in 2024. BitGo is a provider of cryptocurrency custody services. Its CEO, Mike Belshe, promises to offer first-class services to retail and institutional clients to ensure that their assets are safely managed and appreciated.
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