FTX Drops Motion to Limit Global Payouts, May Refile Later

This step affects countries that FTX previously flagged due to unclear or restrictive cryptocurrency rules.

In a filing on November 3, the FTX Recovery Trust announced it was no longer pursuing the motion it submitted in July.

That earlier motion had asked the court for permission to delay or stop payments to users in 49 countries, including China, Russia, Saudi Arabia, and Ukraine. The trust cited legal uncertainty around cryptocurrency in those areas as the reason.

The trust noted that it might revisit the issue later. The filing states that any new attempt would follow proper court procedures and that this withdrawal does not stop them from raising the issue again in the future.

For many creditors, especially those in the affected regions, the decision comes as good news. Weiwei Ji, a creditor known as Will on X, shared his thoughts after the announcement.

He called it a win for those who would have been affected, but advised others to remain alert. Ji stated in a November 4 post on X:

This is a victory for all potentially affected creditors. But until you receive the compensation you’re owed, stay vigilant and keep acting together.

Meanwhile, Evgeny Gaevoy, head of the trading firm Wintermute, recently clarified that the company has no intention of suing Binance

$25.9B

over the October 10 market crash. What did he say? Read the full story.