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Skrill terminates contracts with unregulated EU brokers

Skrill terminates contracts with unregulated EU brokers

created Paweł MosionekNovember 15 2018

Unregulated Forex brokers that provide their services in the EU face further restrictions on payment options. After MasterCard and VISA decided to terminate contracts with unregulated entitiesSkrill joins this group.

"NO" to entities without regulation

According to the Finance Magnates portal, earlier this week, Skrill demanded from Forex / CFD brokers and binary options operating within the EU a copy of their licenses authorizing them to provide financial services. Thus, the company refers to decisions made by credit card and credit card companies. Time for delivery of the aforementioned document expires tomorrow, ie 16 November 2018.

In the event that the brokers do not take appropriate actions on time Skrill announced that in the case of these companies withdrawal funds will be possible only until mid December this year. The next step will be demand removal of deposit options using Skrill and logos from websites.

Joint EU action

It is a coordinated effort of EU bodies that have set themselves the goal of increasing the protection of customers from the territory of the community. It seems to be a matter of time before the next companies such as Neteller, Webmoney, Fasapay and Sofot joined the group of companies fighting illegally operating brokers. Will the impeded access to raising capital by illegally operating brokers bring the expected results? Let's hope so.

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About the Author
Paweł Mosionek
An active trader on the Forex market since 2006. Editor of the Forex Nawigator portal and editor-in-chief and co-creator of the website. Speaker at the "Focus on Forex" conference at the Warsaw School of Economics, "NetVision" at the Gdańsk University of Technology and "Financial Intelligence" at the University of Gdańsk. Twice winner of "Junior Trader" - investment game for students organized by DM XTB. Addicted to travel, motorbikes and parachuting.

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