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Neteller Withdraws From US Market

Business, 2007-01-17, by TwoGun

Neteller has long been the most popular method for Americans to transfer money to online gambling sites. After the passage of the Unlawful Internet Gambling Enforcement Act, it was also one of the few publicly traded companies in the online gambling industry that continued to service the US market.

This past Monday, the founders of Neteller were arrested in the United States and charged with money laundering. While many believed Neteller would withdraw from the US market eventually anyway, the actions by US authorities have hastened Neteller's departure.

Neteller no longer allows US residents to transfer money to or from online gambling sites. Neteller's American users are still allowed to make peer-to-peer transfers or transfer money to non-gambling merchants. Neteller is also temporarily not allowing new US users to sign up for Neteller e-wallets. Non-US Neteller users are not affected by these changes.

In related news, Citadel (another popular e-wallet) no longer allows US members to transfer money to online gambling sites.

To say these actions will devastate US-facing poker rooms is an understatement.

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