The post FTX Repayment Plan Withdrawn After Backlash from Creditors in 49 Countries appeared first on Coinpedia Fintech News
FTX, the crypto exchange that collapsed in 2022, has withdrawn a controversial proposal that could have prevented thousands of users from receiving their money back. The plan was part of the exchange’s ongoing bankruptcy proceedings and would have allowed FTX to deny repayments to creditors in certain countries if local regulations made the process “too difficult.” Following heavy backlash from users—particularly those in China—FTX decided to retract the proposal.
What FTX Planned to Do
As part of its Chapter 11 case, FTX submitted a proposal called the “Restricted Jurisdiction Procedure.” This procedure would have allowed the exchange to label certain countries as “restricted” and block users from receiving their repayments. The affected regions included China, Russia, Ukraine, Pakistan, Saudi Arabia, and 44 others—49 jurisdictio
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