FTX to dismiss over $2.5 billion in claims related to KYC noncompliance

Odaily Planet Daily News FTX disqualified nearly 400,000 customers from claiming due to users' failure to start verifying their identities before the March 3 deadline, which could result in up to $2.5 billion in claims being cancelled due to non-compliance with know-your-customer regulations. According to documents filed by the Delaware Bankruptcy Court on April 2, 392,000 claims have been completely dismissed and deleted, involving up to 2,377 pages of content. Although the total amount of unverified claims was initially estimated to be approximately $1 billion, creditor representative Sunil Kavuri said the actual amount could exceed $2.5 billion, including $655 million in small claims and $1.9 billion in large claims. These cancelled claims are part of a total of $33.6 billion in disputed claims that FTX expects to dismiss. FTX said this process is critical to making up for the failures of previous management in user data collection and due diligence. (DL News)