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MasterCard applies restrictive rules to unlicensed forex brokers and crypto providers

 

Credit card provider MasterCard applies restrictive rules to unregulated forex and binary options brokers, crypto providers and ICOs, online media Finance Magnets reported on Friday. As of today, a new set of revised standards enters into force for those classified as “high-risk securities merchants” and they will have to play by the rules and execute transactions only in jurisdictions where they are legally allowed to operate.

 

As of today, payment processors dealing with transactions of such high-risk securities merchants must demonstrate to Mastercard that adequate due diligence has been applied. This means that brokers and ICO issuers will be required to present evidence that they operate legally in a given jurisdiction (a copy of the merchant’s license issued by the respective authority).

 

Payment processors will be required to cease all processing of high-risk securities transactions from such merchants until presented with the said documents.

 

Chargebacks made by clients of such high-risk securities merchants can now be executed for up to 540 days after the actual date of the transaction. The changes are affecting all transactions globally via Mastercard, Debit Mastercard and Maestro. Meanwhile, VISA is planning to implement a similar measure in December this year.

 

TAGS: MasterCard  forex brokers  binary options brokers  restrictions  regulation  payments 
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