Neteller Stops US Transactions

Onlinecasino.org News | 19.01.2007 | 13:43:06 | Views: 801 | Casino News

Neteller co-founders, Stephen Lawrence and John LeFebvre were arrested and charged with money laundering this past Monday. The company’s success in online payment solutions for the iGaming industry has come to a halt by not allowing anymore US players to use its services to transfer money to and from Internet gambling websites.

Neteller is a publicly traded company, listed on the London Stock Exchange, and deals with more than $7 billion in financial transactions every year. According to the company's interim report for 2006, 75 percent of the company's revenue comes from the United States.

Interestingly, Citadel Commerce, another e-wallet operated by Entertainment Systems Incorporated (ESI), followed suit as they too announced it's withdrawal from the US market.

Online gaming websites that are still operating in the US, such as Full Tilt Poker, are trying to minimize any long-term impact that might be caused by Neteller's exit.

The Full Tilt website featured an announcement that said, "Neteller's decision has no impact on our business here at Full Tilt Poker, and we remain committed to our US players."

Stephen Lawrence has been released on a $5 million bail into the custody of the FBI. John LeFebvre was granted a $5 million bail release on Wednesday.

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