MasterCard and VISA are tightening control of cryptocurrency transactions.


MasterCard and VISA are tightening control of cryptocurrency transactions.

New restrictions in respect of MasterCard transactions associated with cryptocurrencies, ICO, Forex trading and binary options, come into effect from October 15. VISA will introduce a similar measure in December.

About the ban, despite the headlines, it is not. However, both operators of payment systems have tended to recognize all of these transactions high risk transactions.

The attention to such transactions and the fastidiousness of their monitoring even more increased, and the procedure of appealing the chargeback can be made within 540 days after were transferred.

MasterCard notified the contractors about the new policy in respect of these transactions earlier, and introduces a new policy Monday.

VISA and sent my partners a message indicating that transactions associated with Forex trading, cryptocurrency, binary options and the ICO will be classified as high-risk since December 2018.

According to sources familiar with the situation, we are talking primarily about transactions with companies of various questionable from the point of view of regulation and standards jurisdictions.

These companies in the first place is a brokerage firm, or an unregulated crypto currency exchange will have to either switch to Bank transfers and the services of alternative payment systems, or to expect their payment operators will find loopholes in the new rules or come up with some compromise that satisfies all stakeholders.

Until the time of service payment may arise pause c effects similar to those reported by Bitfinex.

Recall that the two largest player of the market of payment cards in the early years doubled the rates of commissions for clients, calculated for the purchase of cryptocurrencies, virtually equating this operation to the withdrawal.

Interestingly, VISA and MasterCard quite actively studying the blockchain and its possibilities, but cryptocurrencies are extremely negative.

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