FTX Breakdown: Visa Cancels Debit Card Program, Regulators Call to Investigate

    A meteoric drama with the Bahamas-based crypto exchange FTX bankruptcy resulted in a downslide of business and legal consequences. As Cointelegraph reports, citing Visa representatives, the payment giant has abruptly ended the global program it had been planning to roll out in 40 countries in partnership with FTX. 

    The plot thickens with the several state and federal agencies opening investigations into the company, including the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the Securities Commission of the Bahamas and the Bahamas’ Financial Crimes Investigation Branch. The Securities and Exchange Commission of Cyprus, or CySEC, reportedly issued a statement amid FTX’s filing for Chapter 11 bankruptcy in the United States requesting the exchange halt operations for its Europe arm.Regulators called for expanding investigations for the exchange CEO, Sam Bankman-Fried, who, as CNBC reports, ​​was trading billions of dollars from FTX accounts and leveraging the exchange’s native token as collateral.