FTX has completed five rounds of distributions since its bankruptcy reorganization plan became effective in January 2025, yet creditors in mainland China and Macau still have not received any funds. The source article says these users can finish know-your-customer checks, submit tax forms, and even get their claims approved, but the process stops at step 8.
That step requires creditors to choose a distribution service provider. FTX currently works with BitGo, Kraken, and Payoneer, and the options shown depend on the country or region listed in a user’s account. For residents of mainland China and Macau, none of the three appears. FTX has not said when that may change and has only stated that it will add new service providers.
A Jan. 31, 2027 deadline now hangs over the process
The article points to language on FTX’s creditor help page saying that creditors who have not connected to a distribution service provider by Jan. 31, 2027 may lose their right to receive distributions. For creditors in mainland China and Macau, the issue is obvious: they are expected to connect before the deadline, but no channel is available to them at this stage.
The piece argues that this is not a theoretical risk. It says a similar deadline for one earlier distribution round has already passed, and FTX made clear that those who failed to complete the process in time would permanently lose that round of payment. Whether FTX will make an exception for creditors who have no access to any provider remains unknown, and the article says there is no guarantee.
It also notes that FTX tried in 2025 to use the court process to strip mainland China creditors of payout rights, but that effort did not succeed. This time, the article says, FTX has attached a clear date: Jan. 31, 2027.
Five payout rounds have taken place, but the two regions remain excluded
FTX collapsed in November 2022. Its reorganization plan took effect in January 2025. Since then, five rounds of distributions have taken place. According to the source article, mainland China creditors were already excluded in the first round more than a year and a half ago, and four additional rounds followed without any distribution service provider becoming available for mainland China or Macau.
In that framing, creditors face two linked problems at once: no payment channel and a firm deadline. If no service provider is made available before Jan. 31, 2027, they may lose the right to collect the full payout.
The article presents claim sales as one possible route
Rather than continue waiting, the source article presents selling a claim before the deadline as a practical way to cash out now. It says transactions typically take 24 to 48 hours, shifting the later work of waiting on FTX, tracking deadlines, and dealing with distribution service providers to the buyer.
The article lays out the choice this way:
- If a creditor keeps waiting and FTX never opens distributions to mainland China or Macau, the user may lose all assets still trapped on the exchange and never recover them.
- If the creditor sells the claim, the money can be received now, while the buyer takes on the remaining process.
The article also says fewer than four months remain before Jan. 31, 2027. In its view, betting that FTX will solve in four months what it has not solved in more than a year and a half would leave creditors exposed.
Qredax says it buys eligible FTX claims from the affected regions
The source article says Qredax focuses on buying FTX claims and includes eligible claims from creditors in mainland China and Macau. Its website and customer support are available in Chinese. The process is described in three steps.
- Submit an application by filling out a form on the Qredax website. The article says the assessment is free, requires no upfront payment, and does not obligate the user to sell.
- Receive an offer. Qredax reviews the information within one business day and, if the claim qualifies, sends a quote. The decision to sell remains with the creditor.
- Get paid. If the offer is accepted, the user completes identity verification and signs the agreement, after which payment can be made. The company says the full transaction takes 24 to 48 hours.
The article also says creditors who want to check what their claim may be worth can enter the eight-digit code from a Kroll email into the Qredax calculator. It adds that the same code can also be found in the user’s FTX account.
The piece ends by urging early action, saying that as Jan. 31, 2027 gets closer, there is less time to complete a transaction. That raises the buyer’s risk, and the article says the added risk will eventually be reflected in pricing.
For readers who want more detail on why FTX distributions have not reached mainland China and Macau, the article points them to the Qredax blog.