Visa terminates agreements with bankrupt Crypto FTX exchange – News Bitcoin News

Visa has reportedly ended its global agreements with bankrupt crypto-currency exchange FTX and its US arm, FTX US. The payments giant added that the “FTX US debit card program is being wound down by its issuer“.

Visa terminates agreements with FTX

Visa Inc, the world’s largest payments processor, reportedly said on Sunday that it has ended global agreements with bankrupt crypto-currency exchange FTX. A Visa spokesman told Reuters:

We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer.

“The situation with FTX is unfortunate and we are closely monitoring the situation“, 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 by offering FTX-branded Visa debit cards to its international customers“, the announcement detailed, adding that while the 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 on Friday and Sam Bankman-Fried resigned as CEO after Binance decided not to proceed with the acquisition of the company.

The exchange is being investigated by the U.S. Department of Justice (DOJ), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for allegedly mishandling customer funds.