Originally due on March 3, 2025, the KYC Commencing Deadline has now been extended to June 1, 2025, offering a final window to secure their funds.

Claims Will Be Disqualified

“If KYC is not commenced by the deadline, such claim shall be disallowed and expunged.” — U.S. Bankruptcy Court, Delaware

Claims under $50,000 may account for $655 million, while larger claims exceed $1.9 billion, making the total at-risk amount over $2.5 billion.

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The next repayment round is scheduled for May 30, 2025, where $11 billion is expected to be distributed to high-value creditors.

How to Complete KYC

Some users have reported issues with the KYC portal. Here’s how to fix it:

1. Email support@ftx.com to get a ticket number.
2. Log in to the FTX support portal.
3. Create an account and re-upload KYC documents.

An April 5 update by Sunil, a Customer Ad-Hoc Committee member, confirmed that users can restart the verification process.

FTX Repayments and Market Sentiment

FTX’s first repayments were made in February 2025, with $1.2 billion returned via FTX Digital Markets. Though not a market-moving event, experts believe it signals recovery in the crypto space.

Bitget Wallet COO Alvin Kan told Cointelegraph that these repayments could lead to a “significant portion” of funds being reinvested into cryptocurrencies.

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The post $2.5B at Risk: FTX Users Must Act Before June 1 appeared first on Coin Engineer.

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The company believes that removing the requirement for a customer to submit a high-quality photo of their government-issued ID will encourage more people to sign up. Ramp is first launching the service in Brazil, South America’s largest economy.

“By reducing barriers to entry, documentless KYC can play a major role in driving mass adoption of digital currencies,” said Ramp’s Trading Director, Jose Jimenez-Mancha. “We are launching documentless KYC in Brazil first, and we will expand to other regions throughout 2024.”

This update to the company’s KYC policy follows its integration with Brazil’s national digital payments platform, Pix.

Announced in September last year, the move was also designed to make it easier for customers to sign up in the country, which is home to over 200 million people. Pix, which allows people to purchase goods and send money to each other using a smartphone app, is used by the majority of Brazilians.

The Verification Process (Ramp)

The absence of a government ID photo requirement means Ramp will need to be extra careful to ensure its KYC protocols are working effectively and that people are who they say they are. However, the company said that Ramp does not work directly with the Brazilian government, but instead partners with a third party that can carry out the necessary checks.

The company said the new initiative will help users hoping to sign up to platforms that have integrations with Ramp, such as MetaMask, TrustWallet, BitPay and others.

The post Ramp to Launch Simplified KYC Process! appeared first on Coin Engineer.