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Neteller caving to US legislation

  • 19-10-2006 6:14pm
    #1
    Lafortezza
    Registered Users, Registered Users 2 Posts: 8,806 ✭✭✭


    Neteller.
    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. This 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.

    Maybe not caving but showing plans to shutdown their service to US customers if legal pressure is applied after the 270 period since the legislation was written into law. Bad for US customers, probably less fish for us :/


Comments

  • #2
    Scotty #
    Registered Users, Registered Users 2 Posts: 3,782 ✭✭✭Scotty #


    I don't understand this at all. As it states above, they are not even in the juristiction. Therefor they are not breaking any laws. Why lose out on millions?? There are plenty of companies who'll be only too happy to take over.


  • #3
    BigDragon
    Closed Accounts Posts: 1,897 ✭✭✭BigDragon


    How much of Netellers business is done with non-online gaming customers based in the USA? I think their decision is purely down to future business projections as internet shopping grows in the US.

    Still a pisser tho....


  • #4
    Scotty #
    Registered Users, Registered Users 2 Posts: 3,782 ✭✭✭Scotty #


    BigDragon wrote:
    How much of Netellers business is done with non-online gaming customers based in the USA? I think their decision is purely down to future business projections as internet shopping grows in the US.

    Still a pisser tho....

    I'm sure I read 15% somewhere. I think they're afraid of shareholders being charged.


  • #5
    Linford
    Closed Accounts Posts: 432 ✭✭Linford


    A little off topic in this thread.

    Some good news in the paper today. There is a move being made to allow for deregulation on betting in the EU. This means that online betting will become legal in some European countries where it is currently illegal, such as Italy.

    Some of these countries like Italy and Germany (not sure if online gambling is illegal in Germany, but don't recall seeing German players online) have huge populations. This will hopefully mean a wider pool of poker players from Europe outside of the Scandinavian countries.


  • #6
    Lafortezza
    Registered Users, Registered Users 2 Posts: 8,806 ✭✭✭Lafortezza


    Loads of players on Party with Germany listed as their location.


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