Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
Visa ends deals with bankrupt crypto exchange FTX – News Bitcoin news
Visa has reportedly terminated its global agreements with collapsed cryptocurrency exchange FTX and its American arm, FTX US. The payments giant added that FTX’s “US debit card program is being discontinued by their issuer.”
Visa terminates agreements with FTX
Visa Inc., the world’s leading payment processor, said Sunday it has ended global deals with bankrupt crypto exchange FTX. A Visa spokesperson told Reuters:
We have terminated our global agreements with FTX and their US debit card program is being discontinued by their issuer.
“The situation with FTX is unfortunate and we are following developments closely,” the representative added.
Visa and the companies behind FTX.com and FTX US announced “a long-term global partnership” in early October. “As part of the alliance, FTX will begin offering FTX-branded Visa debit cards to FTX customers internationally,” the announcement detailed, adding that while the debit cards are currently only available in the US, they are now being rolled out globally in over 40 other countries.”
FTX filed for Chapter 11 bankruptcy on Friday and Sam Bankman-Fried stepped down as CEO after Binance decided not to proceed with the acquisition of the firm.
The exchange is reportedly being investigated by the US Department of Justice (DOJ), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for alleged mishandling of client funds.
What do you think about Visa terminating agreements with the controversial crypto exchange FTX? Let us know in the comments section below.
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