FTX Compensation Sprint 27 Days: KYC Requirements Upgraded, Creditors Need to Provide 10 Years of Work History

The next round of FTX compensation progress has been clarified. The creditor representative Sunil recently posted to confirm that some users have entered the payout process after KYC verification, but the review standards have been significantly raised, requiring detailed information such as work experience over the past 10 years, trading strategies, trading history, initial investment capital, and more. According to the latest schedule, all creditors must complete registration by February 14, with payments officially distributed by March 31. Only 27 days remain until the deadline.

Why Are KYC Requirements Upgraded

Review thresholds have been clearly raised

Previously, FTX payout KYC reviews were relatively basic, mainly verifying identity. This round is markedly different. Based on user feedback, the new review requirements include:

• Complete work experience over the past 10 years
• Explanation of trading strategies and trading history
• Proof of source of initial investment capital
• Detailed financial background of individuals or institutions

This upgrade may stem from two reasons. First, FTX’s restructuring team needs to maximize creditor payouts while ensuring compliance and anti-money laundering (AML) requirements. Second, as the payout scale expands (expected to return $14.7 billion to $16.5 billion to creditors), review agencies will inevitably strengthen due diligence.

Some users are still waiting

It’s worth noting that not all users have passed KYC. Sunil’s post explicitly mentions “some users have reported passing,” implying a significant proportion of creditors are still in review or preparing materials. This means the review team is under pressure, and users need to accelerate their actions.

Three Things to Complete Within 27 Days

Although the payout process seems straightforward, any delay in one step could result in losing eligibility. According to official requirements, creditors must complete by February 14:

1. Complete KYC verification – Submit ID documents, proof of address, and the newly required work history and financial background materials

2. Submit W-8 BEN form – This is the standard U.S. tax form used to determine withholding tax rates; missing this form could affect the payout amount

3. Confirm payout distribution agent – Choose an officially recognized distribution channel (such as Payoneer) and complete service provider registration

All three steps are essential. From now until February 14, roughly one step should be advanced each week, making the timeline quite tight.

Payout Scale and Future Developments

According to disclosed information, this payout covers various types of claims, and multiple rounds of funds have already been successfully distributed. This batch is expected to return between $14.7 billion and $16.5 billion to creditors, a substantial amount.

At the same time, it’s worth noting that the FTX bankruptcy management team is actively pursuing recovery of funds. According to the latest news, the FTX estate is seeking to recover $27.5 million from Justin Sun, HTX, and Poloniex to maximize subsequent payouts. This indicates the management team is working to expand the available payout pool.

Summary

FTX payout progress is indeed moving forward, but the pace is accelerating. The upgrade in KYC requirements reflects stricter compliance review, which is both protective and challenging for creditors. The key is to complete identity verification, tax forms, and distribution channel confirmation before the hard deadline of February 14. For creditors who have not yet started preparing, this is now the final sprint—any delay could affect eligibility. It is recommended to operate through official FTX channels and beware of counterfeit portals and phishing emails.