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Skrill also cracks down on unregulated forex brokers

Nov 15 2018
By
Jonathan Smith

 

The e-payment provider Skrill is the next to crack down on unregulated forex and binary options brokers operating in the EU, online media Finance Magnets reported on Thursday.

 

Skrill has reportedly required all brokers offering their services in the EU to provide a copy of their license. If a company fails to submit the additional documentation required within 24 hours, its merchant account will be restricted regionally.

 

Accordingly, as of 30th of November, Skrill customers registered in the UK or the EU will not be able to transfer funds to the brokers without licenses. Brokers will still be able to return funds to their customers within a period of 14 days from the above-mentioned date. 

 

MasterCard already singled out unregulated financial services providers previous month, and Visa is planning to implement a similar measure in December this year. The effort has been encouraged by authorities after multiple complaints against brokerages offering CFDs, forex, crypto and binary options, as well as ICO issuers.

 

Now that Skrill has joined in that seemingly coordinated effort, it is very likely that other e-payment systems like Neteller, Fasapay, and Webmoney, will follow suit. 

 

TAGS: Skrill  forex brokers  binary options brokers  restricted  payments  EU 
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