FTX Compensation in Taiwan: Withdraw with BitGo & Kraken

From the perspective of the Bitaigen editorial team, we provide a comprehensive walkthrough of how FTX compensation recipients in Taiwan can withdraw funds using BitGo and Kraken. The article details the procedures, fees, and timelines for USD wire transfers, ACH, and cryptocurrency withdrawals, helping you quickly choose the most suitable method and ensuring a smooth, secure transfer of your assets. For step‑by‑step instructions, keep reading.

BitGo Withdrawal Guide

FTX compensation recipients can withdraw funds through either BitGo or Kraken, using a USD wire transfer or a cryptocurrency (e.g., USDT) to a Taiwanese bank or exchange.

BitGo, one of the asset‑distribution service providers officially designated by FTX, offers Taiwanese users three primary withdrawal channels: USD wire transfer, USD ACH, and cryptocurrency. Each channel differs in fees, speed, and ideal use‑cases.

Overview of BitGo Withdrawal Options

BitGo supports the following withdrawal methods:

• USD Wire Transfer – suited for large amounts, funds are sent directly to a Taiwanese bank account.
• USD ACH Transfer – applicable for users who hold a U.S. bank account.
• Cryptocurrency Withdrawal – convert USD to a stablecoin such as USDT, then send it to an exchange or personal wallet.

Fee and Timing Comparison

The fee structure shows that smaller‑balance users typically find the cryptocurrency route more economical.

BitGo Security Mechanisms and Processing Times

BitGo follows institutional‑grade custodial standards. All withdrawal addresses must be pre‑added to a whitelist and are subject to a 3‑24‑hour review period. This delay stems from BitGo’s cold‑storage security policy; while it sacrifices some speed, it markedly enhances fund safety.

BitGo Withdrawal Tutorial for Taiwan

The following step‑by‑step guide is tailored for Taiwanese users. Real‑world experience indicates that cryptocurrency withdrawals often provide the best balance of low fees and fast arrival.

Account Preparation and Settings

1. Register a BitGo account using the same email address you used for the FTX claim.
2. After registration, wait for FTX to transfer the compensation amount into your BitGo account.
3. Important: Once you select BitGo as the distribution service provider, the choice is irreversible. Compare BitGo and Kraken’s pros and cons before committing.

Detailed Steps for USD Wire Transfer Withdrawal

Procedure:

• Log in to your BitGo account.
• If you are on the new interface, switch to Classic View (the legacy web layout).
• Click US Withdraw.
• Select your wallet and click View and manage whitelist.

• Go to the Banking tab.
• Click + Add Bank Account → Wire Transfer, then fill in the Taiwanese bank details (if you have a U.S. bank account you may choose ACH instead).
• Submit the information and wait for the bank‑account verification to complete.

Key Points When Filling Bank Account Information

• Checking Account
• USD foreign‑currency account number
• SWIFT/BIC code
• Bank name in English
• Bank address
• Routing Number (intermediary bank)
• Account holder’s full name (must match the name on the BitGo account)

Many banks do not provide a Routing Number directly. For example, LINE BANK’s Routing Number can be found on its FAQ page. If you are unfamiliar with wire‑transfer procedures, consider using the cryptocurrency withdrawal route instead.

Cryptocurrency Withdrawal Guide

Steps to Convert USD to USDT:

1. Log in to your BitGo account.
2. Switch to Classic View if you are on the newer UI.
3. Navigate to the Trade page.
4. Exchange USD for USDT (the service fee is roughly 0.1 %).
5. Wait for settlement, typically 4‑24 hours.

Whitelist Setup and Withdrawal:

• Go to the Assets tab and click on USDT.
• Choose Withdraw → View and manage whitelist.
• Add the wallet address of a Taiwanese or international exchange that supports USDT‑ERC20 (double‑check the network and address format).

• After the whitelist entry is approved, return to the withdrawal screen, input the amount, and confirm. For the first withdrawal to a new whitelist recipient, BitGo may request a video‑based identity verification; for small amounts the system sometimes approves automatically.

Common Exchange Recommendations:

• Local Taiwanese platforms: HOYA BIT, MAX
• International platforms: Binance (U.S. users should use Binance.US)

If the BitGo USD wire‑transfer process feels cumbersome, you can first convert USD to USDT, send the stablecoin to Kraken or a “Backpack” wallet, then reconvert to USD for a wire. This alternative is simpler but incurs an additional conversion fee.

Kraken Withdrawal Tutorial for Taiwan

Although the focus of this article is BitGo, we also provide a concise overview of Kraken withdrawals for users who prefer that platform.

Advantages of Using Kraken

• Wire‑transfer fees are relatively low (approximately 13 USD).
• Supports multiple withdrawal channels.
• Faster processing (1‑3 business days).
• User‑friendly interface, suitable for newcomers.

Basic Withdrawal Workflow

1. Registration & Account Setup – Register using the same email address you used for the FTX claim.
2. USD Conversion – Exchange the compensation amount into USDT or another cryptocurrency.
3. Select Withdrawal Network – Prefer networks with lower transaction costs.
4. Withdraw to a Taiwanese Exchange – Enter the exact wallet address.

Steps for USD Wire Transfer on Kraken

• Log in to Kraken, click Withdraw.
• Choose USD, then select Bank Frick (SWIFT) as the method.
• Add your Taiwanese bank details.
• Enter the withdrawal amount (minimum 100 USD).
• Confirm the withdrawal request.

For more visual guidance, refer to Kraken’s official tutorial pages.

Comparison Between BitGo and Kraken Withdrawals

The table shows that BitGo excels in security, while Kraken offers lower fees and a more straightforward user experience.

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This guide provides a complete roadmap for FTX compensation recipients to withdraw their funds, covering the detailed procedures on both BitGo and Kraken for users in Taiwan. For additional articles on BitGo, Kraken, or other withdrawal topics, search the Bitaigen (比特根) archive or continue exploring related posts below. Thank you for supporting Bitaigen!

*Note: Cryptocurrency transactions may be subject to tax in your jurisdiction. Please consult a tax professional to understand any reporting obligations.*

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