The world’s largest payment processor, Visa, ended its ties with FTX in the wake of bankruptcy filings in the US.
The recent alliance between FTX and Visa has come to an end. As FTX is facing Chapter 11 bankruptcy filings, Visa Inc. decided to end their relationship. In October 2022, the two large entities made an agreement to provide Visa debit cards to FTX users across 40 countries.
“We have terminated our global agreements with FTX, and their US debit card program is being wound down by their issuer.”
FTX, the world’s second largest crypto exchange platform, valued at $32 billion (USD), was facing severe losses. The United States Securities and Exchange Commission (SEC) has started an investigation on how FTX manages the users’ funds and its crypto lending activities. Now the regulators are examining whether FTX maintained securities laws by keeping users’ crypto assets separate or whether it traded against the users.
“Every time a major player in an industry fails, re
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