Neteller Update...

[Nate tha\\\' Great]

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But why would NT (1) agree to pay huge fines, or (2) accede to resignation demands, originating from the American government, when it is not an American company?

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Under this scenario, they're not agreeing to anything. They're getting sued by the US government.

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Re (5), the FSA is a British government entity, right?

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Correct.

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in charge of regulating financial institutions? I can see them agreeing to look into Neteller at USAO's urging, but not simply revoking licenses just because the Americans say so.

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Well, I don't know. But I think an affirmative finding that 80-90% of Neteller's business stemmed from activity that was determined to be illegal would not go over too well with them.

[Bottled Rockets]

Great analysis, Nate! Thank you.

[El Diablo]

Nate,

Based on how things went down w/ Paypal, which went through a similar process a few years back, I'd expect that customers will get their money back, but the US will also get the right to view all customer info scanning for large/frequent transactions, all in the name of keeping America free from terrorism and drugs. There's a good chance the IRS gets involved at that point.

People who have been doing affiliate type business via Neteller, have had large amounts of money flow through Neteller (say >$100k yearly), or have done a high-volume of transactions, etc. are the types of customers that may have something to be concerned about.

[Nate tha\\\' Great]

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Nate,

Based on how things went down w/ Paypal, which went through a similar process a few years back, I'd expect that customers will get their money back, but the US will also get the right to view all customer info scanning for large/frequent transactions, all in the name of keeping America free from terrorism and drugs. There's a good chance the IRS gets involved at that point.

People who have been doing affiliate type business via Neteller, have had large amounts of money flow through Neteller (say >$100k yearly), or have done a high-volume of transactions, etc. are the types of customers that may have something to be concerned about.

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El D,

I don't know enough about the Paypal case to comment on it intelligently, but there is a difference in that the Paypal complaint was filed against PayPal itself, whereas in this case Neteller the PLC has not been charged (yet).

[ilikeaces86_]

I just initiated a cashout via courier Cheque from netller. Anyone have any time frame on cash out times?

[Nathan_2]

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I just initiated a cashout via courier Cheque from netller. Anyone have any time frame on cash out times?

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Rip Van Winkle meet the Neteller Update thread, Neteller Update thread, Rip Van Winkle.

Dude you posted that on the other thread, your money is locked up indefinitely.

[Sniper]

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I don't know enough about the Paypal case to comment on it intelligently, but there is a difference in that the Paypal complaint was filed against PayPal itself, whereas in this case Neteller the PLC has not been charged (yet).

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However, we don't know, what actions have been taken against the 3rd party processors, which may have been controlled by the Neteller founders. That's where I'm thinking any seized funds stems from...

[mikechops]

Has Neteller given a reason for suspending peer-to-peer transfers? I wrote asking if they could wire my money to my mother in England but got no response.

I understand they may well have problems with regular payment processing to the US, but why are they standing in the way of people who come up with workarounds? Are they holding our money as a bargaining chip in negotiations with the US?

Sorry if this has already been addressed 30 pages ago. I didn't see any explanation on their site.

[Sniper]

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Has Neteller given a reason for suspending peer-to-peer transfers? I wrote asking if they could wire my money to my mother in England but got no response.

I understand they may well have problems with regular payment processing to the US, but why are they standing in the way of people who come up with workarounds? Are they holding our money as a bargaining chip in negotiations with the US?

Sorry if this has already been addressed 30 pages ago. I didn't see any explanation on their site.

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As I understand it, the peer transfers from US players were primarily being deposited onto Gaming Sites... thus by extension still allowing US Players to use Neteller to put funds on gaming sites, which is what they are trying to stop.

[permafrost]

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Has Neteller given a reason for suspending peer-to-peer transfers? I wrote asking if they could wire my money to my mother in England but got no response.

I understand they may well have problems with regular payment processing to the US, but why are they standing in the way of people who come up with workarounds? Are they holding our money as a bargaining chip in negotiations with the US?

Sorry if this has already been addressed 30 pages ago. I didn't see any explanation on their site.

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When did the "court-ordered seizure warrant" directed at Neteller come on to the scene? Could it have been the same time they stopped peer-to-peer? If the warrant was there right after the debacle, would they have done transfers? Did Neteller have this meeting on the 19th with the USAO and say we will cooperate but could you sometime send a warrant? I am admittedly speculating about timing but your money is frozen. We need a mole to get the real story.