NETeller cuts off Canadian, Turkish markets
03/23/2007
NETeller will no longer allow Canadian or Turkish account holders to do
business with Internet gambling companies the company announced in a press
release today. “The Group continually assesses the risk profile and status
of the markets its (sic) serves,” the release states. "Recent actions by
regulators, payment processors, and online gambling operators have increased
the uncertainty around certain activities related to online gambling in some
jurisdictions." It's not certain what regulatory uncertainty prompted
NETeller's withdrawal from Canada, but it is the second major online gaming
firm to leave the country in the last four weeks. VIP.com announced in late
February that they would no longer accept new Canadian customers. No reason
for VIP's move was disclosed either. Canadian NETeller customers will be
able to make Internet gambling transactions until April 9, although the
InstaCASH deposit option has been suspended immediately. Canadians, unlike
Americans, will still be able to use their accounts for non-gambling
transactions and to make peer-to-peer transfers. Turkish customers will also
be able to use NETELLER accounts for non-gambling activities, but they are
no longer able to conduct transactions related to Internet gambling
effective immediately. Reuters is reporting that 30% of NETeller's current
(non-U.S.) revenue comes from Canada.
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