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Visa ends debit card program with FTX

Published on

January 15, 2023
Read Time:1 Minute, 30 Second

Only a month after funds large Visa introduced a partnership with FTX to launch a debit card program in 40 international locations worldwide, Visa abruptly ended this system as a result of FTX's current insolvency and chapter woes.

FTX's liquidity woes had been sparked final week when Binance CEO Changpeng "CZ" Zhao introduced that Binance could be liquidating its whole FTX token (FTT) holdings, inadvertently resulting in a financial institution run that brought on liquidity issues at FTX led.

In October, as information of the FTX and Visa partnership circulated on-line, the FTX buying and selling platform's native cryptocurrency, FTT, surged about 7% to peak at $25.62. Following the current flip of occasions, FTT is presently buying and selling at $1.89.

Issues have turned shortly for the once-reputable cryptocurrency alternate FTX, and it is no shock that firms like Visa are working to distance themselves from the disgraced platform.

“The scenario with FTX is unlucky and we're carefully monitoring developments. In all of our endeavors – in digital forex and past – our deal with safety and belief stays paramount. We've terminated our international agreements with FTX and their US debit card program can be terminated by their issuer,” a Visa spokesman advised Cointelegraph

Associated: Visa's trademark filings counsel larger involvement within the crypto house

Visa is not the one firm to chop ties with FTX. On Nov. 11, Cointelegraph shared that the Securities and Change Fee of Cyprus, or CySEC, reportedly issued an announcement amid FTX's Chapter 11 chapter submitting in the US, declaring that its European arm could be delisted demanded.

In one other case, Plaid, the fintech firm that facilitates communication between monetary providers apps and customers' banks and bank card suppliers, blocked FTX US's entry to its merchandise, citing "regarding public studies" of fraudulent exercise.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 15, 2023
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