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Visa has reportedly terminated its international 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 stated Sunday that it has ended international agreements with bankrupt crypto alternate FTX. A Visa spokesperson instructed Reuters:
We’ve got terminated our international agreements with FTX and their U.S. debit card program is being wound down by their issuer.
“The state of affairs 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 international 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 presently solely accessible within the U.S., they “at the moment are being rolled out globally in over 40 extra nations.”
FTX filed for Chapter 11 bankruptcy on Friday and Sam Bankman-Fried stepped down because the CEO after Binance determined not to 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.
What do you concentrate on Visa terminating agreements with the embattled crypto alternate FTX? Tell us within the feedback part under.
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