NETeller Pulls Out Of US Online Gambling

The online payment processing company NETeller have announced that US members may no longer use the service for online gambling purposes.

The news following recent events when the two founders of the "virtual wallet" group, which provides gambling accounts to Online Casino players, were arrested in America and charged with money laundering offences which carry penalties of up to 20 years in prison.

They have reportedly since been released on $5 million bail.

Pending clarification of the situation, the NETeller Board sought immediate temporary suspension of NETeller's shares.

NETeller's statement reads:

"Due to recent US legislative changes and events, effective immediately, US members are no longer able to transfer funds to or from any online gambling sites.

Why is NETeller no longer allowing US members to make fund transfers with online gambling sites?

The US government has recently introduced new legislation in the form of the Unlawful Internet Gambling Enforcement Act. To best protect the interests of NETeller members, employees, shareholders and business partners, NETeller will no longer provide service to US members to transfer funds to and from online gambling merchants.

Can I still use my NETeller account?

Yes. All US members and non-US members will continue to be able to use their NETeller e-wallet account for safe online transfers to and from non-gambling merchants, secure peer-to-peer transfers and NETeller Card withdrawals at ATMs around the world.

Does this change affect withdrawals with NETeller?

US members who currently have funds in their e-wallet account may keep their funds safe in their account or are free to make withdrawals at any time they choose with a NETeller Card. US members are not required to withdraw their funds from their NETeller account.

Is my money safe in my NETeller account?

Yes, your money is safe with NETeller. All members can hold their funds safely in their NETeller accounts until such time as they decide to move the funds. The changes in gambling merchant transfers do not affect the ability of US member to maintain funds in their NETeller e-wallet accounts.

Does this change affect non-US members?

No, NETeller customers with registered addresses outside of the US will not be affected by these changes. The company will continue to operate its non-US business as normal, maintaining all existing products, services, customer and merchant support across all the other countries it currently serves."