The world's largest payment company, Visa Inc. has reportedly canceled its global credit card agreement with crypto exchange FTX, which is currently experiencing a falling crisis.
According to Visa's spokesperson, they will investigate and monitor the development of FTX after the bad incident that befell the company also resulted in Visa receiving compensation.
He added that Visa has decided to terminate the contract with FTX and stop the United States (US) debit card program by its issuer.
It is understood that FTX and Visa previously planned to introduce account-linked Visa debit cards in 40 new countries, but their goal was not achieved after the incident that befell the crypto exchanger.
In separate news, the Miami Heat and the Miami-Dade County NBA also took similar action by terminating their agreement with FTX.
The move was made after they expressed their disappointment when FTX filed for bankruptcy without making any efforts to recover from the problem.
The streak, the basketball team intends to change new partners for its arena in downtown Miami so that programs such as the 'Peace and Prosperity' plan can be fully funded.
Due to the 19-year deal worth $135 million, the arena for the game between the Heat and the Charlotte Hornets is still called the FTX Arena, but the sign and name will be changed in the near future.
It was also explained that many crypto exchange companies such as FTX have released large amounts of funds to invest in sports teams in order to gain various interests for both parties, but the opposite happens when something goes wrong.
In the meantime, the cancellation of the agreement was reported to have been made shortly after FTX filed for Chapter 11 bankruptcy protection due to the company's inability to cover accounts due to customers rushing to withdraw their funds.
