Visa Ends Deals With Bankrupt Crypto Exchange FTX

Visa has reportedly ended its global deals with bankrupt cryptocurrency exchange FTX and its US arm, FTX US. The payments giant added that the “FTX’s US debit card program is being liquidated by its issuer“.

Visa ends agreements with FTX

Visa Inc, the world’s largest payments processor, reportedly said on Sunday that it has terminated global deals with bankrupt cryptocurrency exchange FTX. A Visa spokesperson told Reuters:

We have terminated our global agreements with FTX and their US debit card program is being liquidated by their issuer.

The situation with FTX is regrettable and we are monitoring developments closely.“, added the rep.

Visa and the companies behind and FTX US announced “a long-term global partnership” beginning of October. “As part of the alliance, FTX will begin offering FTX-branded Visa debit cards to its international customers.“, detailed the announcement, adding that while debit cards are currently only available in the United States, they “are being rolled out globally to more than 40 additional countries.

FTX filed for Chapter 11 bankruptcy law on Friday and Sam Bankman-Fried stepped down as CEO after Binance decided against acquiring the company.

The exchange is under investigation by the US Department of Justice (DOJ), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for allegedly mishandling client funds.

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