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NETELLER Stops Handling All US Market Gambling Transactions- Bad News for Online PokerThu, Jan 18th, 2007 @ 12:00am On their corporate site today, NETELLER announced a complete halt to handling all gambling related transactions to and from the US market. NETELLER has been one of the most popular ways for US poker players to fund their online accounts. Non-US customers are not affected, as NETELLER continues to operate its non-US business as normal. Referring to the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) last October, NETELLER said they "will cease processing online transactions related to gambling for the US market with effect from today [January 18, 2007] in light of the passing of the UIGEA and the uncertainties and likely delays relating to the drafting and implementing of regulations." They stressed that all NETELLER funds "including those of US residents, are held in segregated trust accounts and are fully secure and will be available for withdrawal by customers, on demand." NETELLER also noted that "US customers continue to be able to use their e-wallet accounts for non-gambling transactions." As noted in a prior PokerPages Article, on 16 January NETELLER shares were temporarily suspended on the London Market upon the arrest of NETELLER founders Stephen Lawrence and John Lefebvre, who were formerly directors of the company and are currently two of its three largest shareholders. The US Attorney's office in the Southern District of New York charged the two men with conspiring to transfer funds with the intent to promote illegal gambling. One of the bases of the US Attorney's office complaints against Lawrence and Lefebvre is that NETELLER handled financial transactions between gambling customers in the United States and numerous offshore online gaming businesses, which constitutes illegal conduct. NETELLER has chosen to suspend share of the company while they assess what further steps it might take in light of these arrests and to clarify the Company's position in this matter. To read the complete January 18 statement from NETELLER, click here. Read Related Articles:
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