NETeller, a publicly traded company listed on the London Stock Exchange, deals with more than $7 billion in financial transactions each year, according to the company's interim report for 2006 with seventy-five percent of the company's revenue coming from the United States.
Just days after NETeller founders Stephen Lawrence and John LeFebvre were arrested and charged with money laundering, the company at the forefront of online payment solutions for the gaming industry has stopped allowing US players to use its services to transfer money to and from Internet gambling sites.
On Wednesday Citadel Commerce, another e-wallet operated by Entertainment Systems Inc (ESI), mirrored NETeller’s move with the announcement that it too was to withdraw its services from the US market.
News is also breaking that co-founder Steven Lawrence, the remaining detainee from Monday’s arrests, 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.
Online gaming sites, such as Full Tilt Poker, who are still operating in the US, are trying to minimise any long-term impact that might be caused by NETeller's exit. “NETeller's decision has no impact on our business here at Full Tilt Poker, and we remain committed to our US players,” the Full Tilt website read on Thursday morning.
January 21, 2007, 2:37 pm (1 year ago)
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