G911 World Exclusive: Visa Confirms Banning of Americans for Binary Options Trading

Written by:
Guest
Published on:
Sep/30/2016

Visa credit card company has confirmed to Gambling 911 exclusively that it has banned U.S. citizens from using Visa credit cards to fund binary option trading in foreign lands.

The ban was first reported earlier this week by the financial news website FinanceMagnates.com, though Visa made no public announcement of the ban.

Gambling 911 on Thursday contacted the Visa press office to confirm the ban and late Friday afternoon, Visa vice-president for corporate media relations Connie Lee Kim gave Gambling 911 an exclusive statement about the matter.

The statement from Kim reads:

"Visa recently issued a note to our acquirers and issuers to make them aware of the rise in consumer complaints and regulatory scrutiny related to merchants selling binary options.

"Regulators have warned that much of the binary options market operates through Internet-based trading platforms that are not necessarily complying with applicable U.S. regulatory requirements.

"This has been reflected in recent complaints from cardholders, and therefore Visa urged acquirers to exercise caution when underwriting and monitoring merchants that solicit and sell binary options.

"Visa’s rules mandate that a transaction must be legal in both the buyer’s and seller’s jurisdiction and acquirers must ensure no transactions are submitted on behalf of merchants engaged in illegal, fraudulent or deceptive business practices."

FinanceMagnates.com, in a story posted earlier this week, reported that Visa has banned residents of the U.S. and Canada from using Visa credit cards to fund binary options trading with firms outside the U.S.

Visa sent notices of the ban to payment processors and others who serve as middlemen who permit traders to get their monies to binary options trading operations, the website reported.

A copy of the notice was obtained by the website, which said Visa instituted the ban because a number of binary options trading operations that are based outside the U.S. are involved in fraud and not regulated.

The Visa ban comes on the heels of media reports last week that detailed fraud in the worldwide binary options trading industry.

The media reports were fueled by a leaker who worked for a binary options trading operation, grew disenchanted with the fraud and provided stolen confidential customer information from the operation that exposed how traders were ripped off.

The leaker has received death threats and is now in hiding.

By Tom Somach

Gambling 911 Staff Writer

tomsomach@yahoo.com

Gambling News

Wagerhome.com celebrates 15th season with Brand New Software Platform

Wagerhome.com celebrates 15th season with Brand New Software Platform

 

Wagerhome has come back to the pay per head Market with a brand new proprietary software platform.

Lawmakers Approve Gambling Bill in Indiana

Lawmakers Approve Sports Betting Bill in Indiana

Indiana lawmakers approved a new state budget and a wide-ranging gambling bill Wednesday as they wrapped up this year’s legislative session.

Iowa Sports Betting Bill Now in Governor's Hands: Won't Tip Her Hat

Iowa Sports Betting Bill Now in Governor's Hands: Won't Tip Her Hat

Iowa Gov. Kim Reynolds declined Tuesday to tip her hand on whether she’ll sign a sports betting bill that’s passed its final legislative hurdle.

Tennessee on the Way to Becoming First Mobile Only Sports Betting State

Tennessee on the Way to Becoming First Mobile Only Sports Betting State

Lawmakers voted 58-37 to approve a sports betting bill that could make Tennessee the first state to offer mobile sports betting without any retail outlets such as sports books located at race tracks or casinos.

Can I Bet on NFL Games Online From Connecticut, Rhode Island, Massachusetts, New Hampshire, Vermont

While the US Supreme Court has now made sports betting legal in the Unite States, those residents of Connecticut, Rhode Island, Massachusetts, Maine, New Hampshire and Vermont will not be able to bet the NFL in any of the state's casinos (or lack thereof) for the upcoming 2018 season. 

Syndicate