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

Las Vegas Casino South Point Robbed at Gunpoint

Las Vegas Casino South Point Robbed at Gunpoint

In Tuesday’s online version of PlaySlots4RealMoney.com, Ewan Palmer reported that Las Vegas’s South Point Casino was robbed at gunpoint by an unknown assailant.

Mistrial Declared in Philly Mob Case

Mistrial Declared in Philly Mob Case

A mistrial was declared on Tuesday in the New York City racketeering trial of a notorious Philadelphia mob boss who had insisted he quit his life of crime after a lengthy prison term.

Billy Graham Passes Away at Age 99: Believed Gambling to be 'Deadly'

Billy Graham Passes Away at Age 99: Believed Gambling to be 'Deadly'

Gambling is an addition that could very quickly destroy someone's life, says evangelist Billy Graham.

New Online Live Roulette Table Payouts 500X the Average

New Online Live Roulette Table Payouts 500X the Average

Just released, a new live casino roulette game that features payouts of between 50:1 and 500:1.

William Hill Fined £6.2m in Money Laundering Matter

William Hill Fined £6.2m in Money Laundering Matter

British bookmaker William Hill will pay 6.2 million pounds ($8.7 million) as a penalty for breaching anti-money laundering and social responsibility regulations, the Gambling Commission said on Tuesday.

Syndicate