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Neteller Ends Peer-To-Peer Transfers For US Residents

Business, 2007-02-02, by TwoGun

On January 17, Neteller announced that it no longer allowed its US customers to transfer money to online gambling sites. This came after the Department of Justice arrested Neteller's founders on charges of money laundering.

Initially, Neteller continued to allow US members to transfer money to other Neteller members using its peer-to-peer transfer service. However, it was soon apparent that many US Neteller members were sending money to non-US Neteller members, and then the non-US Neteller members were sending money back to the US members through an online gambling site's money transfer service.

While some American Neteller members were using the service to get their funds onto online gambling sites, most performed these peer-to-peer transfers since it was the only way for Americans to effectively withdraw their money from their Neteller accounts. Americans are currently unable to withdraw their funds from their Neteller accounts via EFT or check. It is not clear when they will be able to do so, though Neteller claims it is working hard to resolve the situation. Neteller insists that all of its customers' monies are safe in their Neteller account since customers' funds are held in independent trusts.

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