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FTX initiates bankruptcy compensation; users from China, Russia, and three other countries cannot participate for now.
FTX Bankruptcy Compensation Plan Initiated, Users in Some Countries Face Challenges
FTX was once one of the leaders in the cryptocurrency market, but its ultimate fate is now well known. After more than two years of bankruptcy restructuring, FTX's compensation plan has finally entered the execution phase. On the 18th of this month, the first round of compensation officially began. According to the plan, convenience users with claims under $50,000 will be prioritized to receive cash compensation equivalent to about 119% calculated based on the cryptocurrency prices in November 2022. This type of user accounts for 98% of the total user base. So far, the first batch of $800 million has been paid to 162,000 accounts, and the remaining funds will be distributed gradually.
However, representatives of FTX creditors stated that users from five countries, including China, Russia, and Ukraine, are unable to participate in the bankruptcy distribution. This decision has attracted widespread attention, especially considering that users from mainland China account for 8% of the platform's total user base.
There is currently no official explanation for the reasons why some cannot participate in the allocation. However, from a legal and financial regulatory perspective, the following factors may exist:
Jurisdictional Barriers and Compliance Risks: China, Egypt, and Nigeria have adopted a prohibitive regulatory model for virtual assets. These countries view activities related to virtual currencies as illegal financial activities, which are not protected by law. If FTX compensates users in these countries, it may face significant compliance risks.
SWIFT sanctions and wartime financial controls: Russia has been excluded from the SWIFT system for special reasons, which may prevent the FTX liquidation team from resolving payment issues. Meanwhile, Ukraine faces strict scrutiny of large cross-border capital flows due to wartime financial controls, which may affect the payment process.
For users in mainland China, there may still be a turnaround. In the future, the FTX liquidation team may establish special liquidation channels with countries that adopt a prohibitive regulatory model, or consider using stablecoins for online compensation. However, these solutions may still face compliance risks and require cooperation and breakthroughs from various countries and international financial regulatory frameworks.
Currently, the only thing users in mainland China can do is patiently wait. Building a special clearing channel takes time and coordination from all parties. Although the road is winding, there is still a possibility of obtaining compensation.