Visa Terminates Credit Card Agreement with FTX
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Nov. 14, 2022

Global payments system Visa has excluded cryptocurrency exchange FTX over "unfortunate situation," which has been unfolding around the Bahamas-based trading platform over the past few days.

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A spokesperson for Visa confirmed in a commentary to Reuters that FTX's debit card program has been suspended.

"The situation with FTX is unfortunate and we are monitoring developments closely. We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer."

Visa signed a long-term partnership agreement with FTX earlier in October. As part of the deal, FTX was hoping to issue branded debit cards in 40 countries with a focus on Latin America, Asia and Europe in 2023.

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As iHodl earlier reported, FTX filed for Chapter 11 bankruptcy in the US as the platform reportedly owes its users around $10 billion. Approximately 130 firms affiliated with FTX are part of the proceedings in the proceedings. FTX Australia and LedgerX were not included in the case.

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