Visa has canceled its global debit card deal with FTX

November 15, 2022

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On Sunday, Visa Inc, the largest payments processor in the world, announced that it was terminating its global credit card arrangements with the cryptocurrency exchange FTX, which had recently filed for bankruptcy after its financial instability.

As reported by Reuters, a Visa spokesperson said that the situation with FTX is unfortunate and [the company is] 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.”
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At the beginning of October, FTX and Visa made public their intention to expand their existing partnership, which included the introduction of account-linked Visa debit cards in 40 more countries.

Visa joins Miami Heat in FTX deal termination

Meanwhile, notable reactions are surfacing after the terrible FTX event. Other than Visa, Miami Heat has also announced to end any relationships with FTX and countries like Hong kong has intensified its regulatory exercises in order to prevent further disaster.

The whole saga started after CZ announced on Monday that Binance would be selling all of its FTT, prompting a flood of requests for customer withdrawals on Tuesday, to the point where FTX blocked withdrawals. While the former CEO SBF assured the users that “FTX is fine,” the situation eventually worsened and SBF had to request Binance for the takeover of FTX in order to help its liquidity crunch.

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Binance CEO Changpeng Zhao inked a non-binding agreement to acquire FTX and help the exchange. Just a day after the announcement, Binance reversed back citing the balance sheet review and asserting that the situation had gone too far to aid.

CZ said that the collapse of FTX was “not good for anyone in the industry”. The situation is getting out of hand resulting in the company filing for bankruptcy, in addition with the resign of former CEO SBF.