Where did you read this? If you are talking about twoplustwo, one guy said something along those lines with no evidence.
As far as I can tell all is well in Canada. I can not see why they would leave Canada, but maybe the US gov told them- Get out.
Nothing surprises me these days.
If so, there's always Antigua. Bank of Antigua is very happy to have your biz.
-Sean
As far as I can tell all is well in Canada. I can not see why they would leave Canada, but maybe the US gov told them- Get out.
Nothing surprises me these days.
If so, there's always Antigua. Bank of Antigua is very happy to have your biz.
-Sean
http://www.neteller-group.com/press/en/127.htm
NETELLER Announces Service Changes to Canadian and Turkish Market
Monday, 26 March 2007 – The NETELLER Plc Group (“NETELLER” or the “Group”) (LSE: NLR), the leading global independent online money transfer business, today announced several significant changes to its services in a number of markets.
The Group continually assesses the risk profile and status of the markets its serves. Recent actions by regulators, payment processors, and online gaming operators have increased the uncertainty around certain activities related to online gambling in some jurisdictions. The Board of Directors of the Company reached a decision, on 25 March 2007, that the risk to the Group’s ongoing business in Canada and Turkey has increased in the light of such developments. The Board has therefore concluded that the Group will no longer process transfers related to online gambling sites on behalf of Canada or Turkey resident customers.
Reduced Service to Canada
* Cessation of Canadian transfers to gambling merchants: the Group will cease processing online gambling related transactions for Canada-resident customers with effect from 12.01 AM MST Monday 9 April 2007.
* Suspension of InstaCASH transactions: As of today Monday 26 March 2007, at 12:01 AM MST, Canada-resident customers were no longer able to deposit funds using NETELLER’s instaCASH service either directly or from any online gambling site.
* Non-gambling services continue: Canada-resident customers will continue to be able to use their e-wallet accounts for non-gambling transactions, including peer-to-peer and pre-paid debit transactions.
* Available customer funds: Customer funds, including those of Canadian residents, are held in a pooled, segregated trust account and will be available for withdrawal by customers, on demand. Canadian customers continue to be able to use their e-wallet accounts for non-gambling transactions.
Reduced Service to Turkey
In light of recent legislation passed in Turkey on 28 February 2007, which prohibits certain forms of online gambling to be offered by any “unauthorised” domestic or foreign company to citizens in Turkey, NETELLER has decided to implement a voluntary phased withdrawal of the payment services related to online gambling that it offers customers to the Turkish market.
* Withdrawal of local bank funding options: Local bank deposit options for Turkey-resident customers were withdrawn on Friday 9 March 2007.
* Cessation of Turkish transfers to and from online gambling merchants: The Group has ceased processing online gambling related transactions for Turkey-resident customers with effect from 6.01 AM GMT Monday 26 March 2007.
* Non-gambling related services continue: Turkey-resident customers will be able to continue to use their NETELLER e-wallet account for any non-gambling related money transfers and withdrawals. Customers located in other parts of the world are not affected by this change, and NETELLER continues to service these customers in the normal manner.
Group Business Impact
The Canadian business of the NETELLER Group would likely have contributed significantly to the Group’s revenue and profitability during 2007 and the loss of this business is now likely to have a material negative impact on the Group’s results for the full year ending 31 December 2007. The Turkish business of the Group does not represent a material proportion of the Group’s overall customer base, revenue or profitability.
The Group does not anticipate making further significant reductions in staff as a result of these service changes as the Board believes that its Calgary-based operations are appropriately sized to handle the remaining non-North American business of the Group. The Group will continue to focus on the growth markets of Europe and Asia.
Other Updates
The Group’s shares will continue to be suspended from trading on AIM in view of the continuing uncertainties the Group faces. Further announcements will be made as appropriate.
The Company is working towards the finalisation of its audited annual results for the year ended 31 December 2006 and will announce the date on which these will be published to the market in due course.
The Company would, in light of recent press comment concerning its announcement of 21 March 2007, like to make clear that the 75 day period referred to in that announcement was for agreement of a plan of distribution with the United States Attorney's Office. It would remain to be determined, as part of that plan, the precise timing of the distribution of funds to US customers.
Further information is available on the Group’s website in the form of updated FAQs.
About the NETELLER Group
Trusted by millions of consumers in over 160 countries to move and manage billions of dollars each year, the NETELLER Group operates the largest independent online money transfer business in the world. The Group specializes in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the Group to support thousands of retailers and merchants in many geographies and across multiple industries.
The Group is quoted on the London Stock Exchange’s AIM market, with a ticker symbol of NLR. NETELLER (UK) Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit www.netellergroup.com.
Media and Investor Contacts
NETELLER Announces Service Changes to Canadian and Turkish Market
Monday, 26 March 2007 – The NETELLER Plc Group (“NETELLER” or the “Group”) (LSE: NLR), the leading global independent online money transfer business, today announced several significant changes to its services in a number of markets.
The Group continually assesses the risk profile and status of the markets its serves. Recent actions by regulators, payment processors, and online gaming operators have increased the uncertainty around certain activities related to online gambling in some jurisdictions. The Board of Directors of the Company reached a decision, on 25 March 2007, that the risk to the Group’s ongoing business in Canada and Turkey has increased in the light of such developments. The Board has therefore concluded that the Group will no longer process transfers related to online gambling sites on behalf of Canada or Turkey resident customers.
Reduced Service to Canada
* Cessation of Canadian transfers to gambling merchants: the Group will cease processing online gambling related transactions for Canada-resident customers with effect from 12.01 AM MST Monday 9 April 2007.
* Suspension of InstaCASH transactions: As of today Monday 26 March 2007, at 12:01 AM MST, Canada-resident customers were no longer able to deposit funds using NETELLER’s instaCASH service either directly or from any online gambling site.
* Non-gambling services continue: Canada-resident customers will continue to be able to use their e-wallet accounts for non-gambling transactions, including peer-to-peer and pre-paid debit transactions.
* Available customer funds: Customer funds, including those of Canadian residents, are held in a pooled, segregated trust account and will be available for withdrawal by customers, on demand. Canadian customers continue to be able to use their e-wallet accounts for non-gambling transactions.
Reduced Service to Turkey
In light of recent legislation passed in Turkey on 28 February 2007, which prohibits certain forms of online gambling to be offered by any “unauthorised” domestic or foreign company to citizens in Turkey, NETELLER has decided to implement a voluntary phased withdrawal of the payment services related to online gambling that it offers customers to the Turkish market.
* Withdrawal of local bank funding options: Local bank deposit options for Turkey-resident customers were withdrawn on Friday 9 March 2007.
* Cessation of Turkish transfers to and from online gambling merchants: The Group has ceased processing online gambling related transactions for Turkey-resident customers with effect from 6.01 AM GMT Monday 26 March 2007.
* Non-gambling related services continue: Turkey-resident customers will be able to continue to use their NETELLER e-wallet account for any non-gambling related money transfers and withdrawals. Customers located in other parts of the world are not affected by this change, and NETELLER continues to service these customers in the normal manner.
Group Business Impact
The Canadian business of the NETELLER Group would likely have contributed significantly to the Group’s revenue and profitability during 2007 and the loss of this business is now likely to have a material negative impact on the Group’s results for the full year ending 31 December 2007. The Turkish business of the Group does not represent a material proportion of the Group’s overall customer base, revenue or profitability.
The Group does not anticipate making further significant reductions in staff as a result of these service changes as the Board believes that its Calgary-based operations are appropriately sized to handle the remaining non-North American business of the Group. The Group will continue to focus on the growth markets of Europe and Asia.
Other Updates
The Group’s shares will continue to be suspended from trading on AIM in view of the continuing uncertainties the Group faces. Further announcements will be made as appropriate.
The Company is working towards the finalisation of its audited annual results for the year ended 31 December 2006 and will announce the date on which these will be published to the market in due course.
The Company would, in light of recent press comment concerning its announcement of 21 March 2007, like to make clear that the 75 day period referred to in that announcement was for agreement of a plan of distribution with the United States Attorney's Office. It would remain to be determined, as part of that plan, the precise timing of the distribution of funds to US customers.
Further information is available on the Group’s website in the form of updated FAQs.
About the NETELLER Group
Trusted by millions of consumers in over 160 countries to move and manage billions of dollars each year, the NETELLER Group operates the largest independent online money transfer business in the world. The Group specializes in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the Group to support thousands of retailers and merchants in many geographies and across multiple industries.
The Group is quoted on the London Stock Exchange’s AIM market, with a ticker symbol of NLR. NETELLER (UK) Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit www.netellergroup.com.
Media and Investor Contacts
This changes everything. I now feel the chances of getting paid are slim for US customers. They are looking more and more as a company getting ready to close it's door. I have read no indication of Canada passing any laws banning offshore sports betting unless this is more pressure from the US. In 75 days I wonder if Neteller will still be in business. They would then have no incentive to return money.
Sigh, that might well be true especially with all the Americans signing up accounts in Canada and DOJ wanting to close that off.
Of course its all behind closed doors and NETeller would never admit to following DOJ threats but there is otherwise absolutely no reason for them to leave the Canadian market.
I have to wonder if Canadian banks, after opening what I'm sure were thousands of accounts for Americans used entirely for NETeller, made complaints to NETeller out of concern for what the US gov't might do. The US gov't may have even placed direct pressure themselves. That happens all the time.
Off to the land of prepaid Visas, I suppose.
Off to the land of prepaid Visas, I suppose.
I don't think this is very likely. We are still a sovereign country and Canadian banks operate under Canadian laws.
I think it is much more credible to suppose that the DOJ leaned heavily on NETeller during their ongoing negotiations.
Since NETeller acknowledges; "The Canadian business of the NETELLER Group would likely have contributed significantly to the Group’s revenue and profitability during 2007 and the loss of this business is now likely to have a material negative impact on the Group’s results for the full year ending 31 December 2007." I imagine that they got something substantial by agreeing to vacate the Canadian market.
Bottom line is Canadians get side swiped by the US war on gambling. Maybe we could get their top honcho to Toronto to explain how bad gambling is, just like they sent their drug czar last year.
Will my NETELLER account be closed?
No. You will still be able to use your NETELLER account to securely send funds to friends and family with our peer-to-peer service, transfer funds to non-gambling sites and withdraw funds from your NETELLER account at an ATM using the NETELLER Card.
as long as the non gambling transactions are safe...lol
No. You will still be able to use your NETELLER account to securely send funds to friends and family with our peer-to-peer service, transfer funds to non-gambling sites and withdraw funds from your NETELLER account at an ATM using the NETELLER Card.
as long as the non gambling transactions are safe...lol
NETELLER owed $120M to non-European customers and $41M to European customers (half-year-end 2006). So they drop up to 75% of their business. (Of course it's lower, some of that non-European business must be Asia & Australia/New Zealand)
They'll be small, but I think they'll survive.
In Europe, when France or Germany give them trouble they just appeal to the European Courts, which continue to uphold the common market against protectionist policies.
What bullshit!
This is bizarre.
In Canada, no one even cares. No one cares about online gambling as an issue.
Ask any politician, Crown Attonery, or the RCMP, and I think they will all give you the blank stare, "like what are you talking about?"
The only reason I can think of is that NETeller caved into US DoJ pressure, and the reason is to prevent terrorist cell money laundering.
US security concerns have run roughshod over the Canadian internet gambler degenerate's community.
Unbelieveable.
:guillotin
This is bizarre.
In Canada, no one even cares. No one cares about online gambling as an issue.
Ask any politician, Crown Attonery, or the RCMP, and I think they will all give you the blank stare, "like what are you talking about?"
The only reason I can think of is that NETeller caved into US DoJ pressure, and the reason is to prevent terrorist cell money laundering.
US security concerns have run roughshod over the Canadian internet gambler degenerate's community.
Unbelieveable.
:guillotin
