FTX KYC Deadline Puts $2.5 Billion in Crypto Repayments at Risk for Nearly 400,000 Users Thousands of creditors may permanently forfeit repayments unless they complete the FTX KYC deadline process by June 1, 2025
The FTX KYC deadline is rapidly approaching, and nearly 400,000 creditors of the bankrupt cryptocurrency exchange could lose access to a staggering $2.5 billion in crypto repayments if they fail to complete identity verification in time. The U.S. Bankruptcy Court for the District of Delaware confirmed in an April 2 filing that a significant number of users still haven’t taken the required steps to verify their identities.
Initially, affected users had until March 3, 2025, at 4:00 p.m. ET to begin the Know Your Customer (KYC) submission process. However, recognizing the large number of incomplete claims, the court has extended the FTX KYC deadline to June 1, 2025. While this extension offers a second chance, it is likely the final opportunity for these creditors to comply and secure their claims.
$2.5 billion at stake: Breakdown of claims
Court documents indicate that approximately 392,000 users have either failed to start or have not completed the KYC verification process. As a result, they are at risk of being disqualified from FTX’s repayment plan. The breakdown of at-risk claims is as follows:
- Claims under $50,000 total around $655 million
- Claims over $50,000 amount to approximately $1.9 billion
Together, these figures highlight that over $2.5 billion in claims could be disallowed if users fail to act before the FTX KYC deadline.
A court filing referenced by Bloomberg Law states that, “If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025 […] such claim shall be disallowed and expunged in its entirety.”
May repayments to continue for compliant creditors
The next round of distributions to verified creditors is scheduled for May 30, 2025, with over $11 billion set to be repaid to users who have completed KYC and have valid claims exceeding $50,000.
FTX’s official recovery plan estimates that 98% of all approved creditors will receive at least 118% of their original claim value in cash — a rare outcome in bankruptcy proceedings, especially in the volatile crypto space.
However, for those who do not meet the FTX KYC deadline, there will be no such recovery. Their claims will be “permanently disqualified,” according to the court order.
How to meet the FTX KYC deadline
Completing the KYC process is essential for users to qualify for repayments. Despite technical issues reported by some users, there is still a clear path to reinitiate or complete the process. FTX creditor and Customer Ad-Hoc Committee member Sunil provided guidance in an April 5 post on X (formerly Twitter).
Here’s a step-by-step guide for users still needing to complete the process:
- Email support – Contact FTX at [email protected] to generate a ticket number.
- Create a support portal account – Log in or register on the official FTX support portal.
- Upload KYC documents – Submit the required identity verification documents through the portal.
According to Sunil, users can now re-submit their applications even if earlier attempts failed.
The Final Call: Don’t miss the FTX KYC Deadline
The June 1, 2025 FTX KYC deadline could determine the fate of thousands of users’ crypto assets. With a potential $2.5 billion in repayments on the line, those who haven’t completed KYC must act immediately. The process may involve some technical steps, but the potential losses from non-compliance are too large to ignore.
In short, the door remains open — but only for a limited time.
