Tuesday, July 16, 2024
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Visa terminates debit card program with FTX

Only a month after payments giant Visa (NYSE:) announced a partnership with FTX to roll out a debit card program in 40 countries worldwide, Visa has abruptly ended the program due to FTX’s recent insolvency and bankruptcy issues.

FTX’s liquidity issues were triggered last week when Binance CEO Changpeng “CZ” Zhao announced that Binance would liquidate the entirety of its (FTT) holdings, which inadvertently led to a bank run that brought on FTX liquidity issues.