Neteller changes stance

MafiaPrince · #1 10-19-2006, 03:04 PM

Bad Hit...

Company Announces Position Change Today
At least poker players have a couple hundred days or so to do business with NETELLER.

The company, which last week let poker players knows that it will continue to do business with Americans despite the pending law changes, has flip-flopped.

In a statement released today, NETELLER said it will honor transactions until the Department of the Treasury figures out how to enforce the Unlawful Internet Gambling Enforcement (UIGE) Act. It has until July 10, 2007, to figure out how it will work with banks to stop transactions from financial institutions that work with Americans from transferring money to gambling sites.

Last week, NETELLER’s executive vice president Bruce Elliot told a gaming conference in Spain that the company would continue working with Americans.

“I don’t think we have a very big problem,” he said.

But today, NETELLER released a statement letting everyone know that it will comply with the UIGE Act when it goes into effect. The statement reads in part:

“NETELLER, a company registered outside the US, will comply with the Act and its related regulations as if it were subject to the Act's jurisdiction. This action is intended to ensure that the Company is able to continue to operate with the support of its principal commercial partners and to protect its shareholders, business partners, employees and reputation.

Various provisions of the Act, including the obligations of financial transaction providers such as NETELLER, remain unclear. The uncertainty should be largely resolved when the Secretary of the Treasury and the Board of Governors of the Federal Reserve System issue the regulations they are required to prescribe within 270 days.”

President George W. Bush signed the UIGE Act into law Friday, Oct. 13, when he put his pen to an Act designed to boost security at the nation’s ports. The UIGE Act was attached to the act for port safety with the help of Senate Majority Leader Bill Frist in the last session before the Senate broke for a long election-year recess. To read a CardPlayer.com article about it, click here.

Click here to visit our complete legislative archives.

NETELLER is a publicly traded company and the Monday after the Senate passed the Port Safety Act, its shares fell from 355 pence to 140 pence. It’s currently trading at 144 pence.

FirePay, NETELLER’s rival in the world of third-party banking companies, made it clear to US customers that it planned to stop doing business with them immediately after the President signed the Act into law. FirePay made this announcement soon after the Senate passed the UIGE Act.

Although the Treasury Department has 270 days, that doesn’t mean it has to use all that time. Regulations can and probably will be in place before the deadline.

NETELLER claims it moved around $7.3 billion in 2005. The company was founded in 1999 and is located in the Isle of Mann with offices in Calgary, London, Hong Kong and San Jose, Costa Rica.

http://www.cardplayer.com/poker_news/article/3345

A_PLUS · #2 10-19-2006, 03:50 PM

Neteller investor relations announcement

Damn, that sucks. I dont think it will take very long for a replacement to pop up, but I liked the security of neteller, not to mention the cool spreadsheets I built to track my profit based on there info.

mornelth · #3 10-19-2006, 04:02 PM

[ QUOTE ]
Neteller investor relations announcement

Damn, that sucks. I dont think it will take very long for a replacement to pop up, but I liked the security of neteller, not to mention the cool spreadsheets I built to track my profit based on there info.

[/ QUOTE ]

There's a void and a lot of money to be made by whoever successfully fills it.

I sincerely doubt it will be a long time.

0evg0 · #4 10-19-2006, 04:04 PM

i just verified my neteller info yesterday after my firepay got closed

cool

Jeff76 · #5 10-19-2006, 04:12 PM

This is dissapointing, as this will certainly affect the quality of games and poker in general. Since I never planned on ever putting more money in my account this wont really affect me personally, except that I won't be able to transfer money between sites I guess. As long as the sites let me click the buttons I'll keep playing poker, just against the international fields and the non-losing US players.

ASPoker8 · #6 10-19-2006, 04:15 PM

[ QUOTE ]
i just verified my neteller info yesterday after my firepay got closed

cool

[/ QUOTE ]

Same. No lie. This blows.

E-Checks forever now, I think

MafiaPrince · #7 10-19-2006, 04:21 PM

Whats an E-check? How do they work?

Ontario_Tory · #8 10-19-2006, 04:35 PM

Help me out here - does this mean that Neteller will stop transfering to poker sites period, or just for american customers?

I suspect it's the former, but as a Canadian I can hope...

Ontario_Tory · #9 10-19-2006, 04:37 PM

[ QUOTE ]
Help me out here - does this mean that Neteller will stop transfering to poker sites period, or just for american customers?

I suspect it's the former, but as a Canadian I can hope...

[/ QUOTE ]

I should read first, ask second... The link to the investors bulletin states that non-US customers will be able to use Neteller as per always...

sirio11 · #10 10-19-2006, 04:38 PM

I want to cry