Visa, Mastercard and Amex hit with Florida cease-and-desist

Florida's Attorney General has taken action against major payment processing companies, including Visa, Mastercard, and American Express, by issuing cease-and-desist letters. The core of the complaint centers on the alleged processing of payments for unlicensed offshore gambling operators.

The Attorney General contends that facilitating transactions for these unlicensed entities may constitute a violation of Florida's Racketeer Influenced and Corrupt Organizations (RICO) Act. This move signals a strong stance against financial intermediaries perceived to be enabling illegal gambling activities within the state.

This development underscores the increasing scrutiny on the financial infrastructure supporting the iGaming industry, particularly concerning compliance with local and state regulations. The threat of legal action highlights the potential risks for payment processors involved in cross-border or unregulated markets.