Visa has reportedly terminated its world agreements with collapsed cryptocurrency alternate FTX and its U.S. arm, FTX US. The funds big added that FTX’s “U.S. debit card program is being wound down by their issuer.”
Visa Ends Agreements With FTX
Visa Inc., the world’s main funds processor, reportedly mentioned Sunday that it has ended world agreements with bankrupt crypto alternate FTX. A Visa spokesperson advised Reuters:
We have now terminated our world agreements with FTX and their U.S. debit card program is being wound down by their issuer.
“The scenario with FTX is unlucky and we’re monitoring developments intently,” the consultant added.
Visa and the businesses behind FTX.com and FTX US introduced “a long-term world partnership” in early October. “As part of the alliance, FTX will start by providing FTX-branded Visa debit playing cards to FTX clients internationally,” the announcement detailed, including that whereas the debit playing cards are at the moment solely obtainable within the U.S., they “are actually being rolled out globally in over 40 further international locations.”
FTX filed for Chapter 11 chapter on Friday and Sam Bankman-Fried stepped down because the CEO after Binance determined to not proceed with the acquisition of the agency.
The alternate is reportedly being investigated by the U.S. Division of Justice (DOJ), the Securities and Alternate Fee (SEC), and the Commodity Futures Buying and selling Fee (CFTC) for allegedly mishandling consumer funds.
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