Offshore brokers that offer VISA and MasterCard payment options to their clients are faced with new restrictions, Finance Magnates reports.
For one, currently offshore brokers have to pay a much higher fee for processing card transactions, compared to the one payed by brokers, regulated in the European Union, USA, Canada, Australia or Japan.
What is more important, however, now offshore brokers will have to prove that they are allowed to charge the cards of overseas clients. Recently all brokers registered in Belarus were asked to provide legal proof to the card companies that they are allowed to service customers from outside the country.
Back in October MasterCard and VISA took measures against unregulated brokers by classifying all transactions linked to forex, binary, CFD and crypto brokers, as well as ICOs, as high risk, which means that all customers of the above mentioned brokers will be able to file for a charge back within 540 days.