FTX Promises to keep paying Non-US employees and contractors

FTX, the demise crypto exchange is still struggling to stay afloat. Its most recent action was to reassure some employees and subsidiaries that their salaries would still be paid.

On November 28, FTX Trading Ltd. (the parent company of FTX.com) announced that it was “resuming ordinary course salary and benefit payment.”

It went on to say that this included 101 more affiliated companies, also known as debtors.

Regular course payments would be reinstated for global employees and “certain non-U.S. contractors and service providers.”

The relocation has no impact on any FTX.US employees or businesses.

According to John Ray, the company’s newly appointed CEO, the payments are contingent on the court’s approval of its First Day motions. He went on to say that work was being done on global cash management.

He added that the payments were made “subject to the limits approved by the Bankruptcy Court.”

Cash payments are also permitted, subject to any limits imposed on or after the bankruptcy filing date.