Neteller Pulls the Plug in Canada and Turkey

by Lou on March 27, 2007

Good Night, Canada
The Neteller Plc Group announced that they will no longer process transfers related to online gambling sites on behalf of customers residing in Canada or Turkey.

They will cease processing online gambling related transactions for Canada-resident customers on Monday April 9, 2007.

As of today, March 26, 2007, Canada-resident customers are no longer able to deposit funds using Neteller’s instaCASH service either directly, or from any online gambling site.
Canada-resident customers will be able to continue using their e-wallet accounts for non-gambling transactions, including peer-to-peer and pre-paid debit transactions.

Customer funds, including those of Canadian residents, are held in a pooled, segregated trust account and will be available for withdrawal by customers, on demand. Canadian customers continue to be able to use their e-wallet accounts for non-gambling transactions.

Goodnight Turkiye, too
Because of recent Turkish legislation that prohibits certain forms of online gambling to be offered by any “unauthorized” domestic or foreign company to citizens in Turkey, Neteller is beginning a phased withdrawal of the payment services offered to online gaming customers in Turkey.

I’m not going to get into the details of it here, because I don’t think I have many readers in Istanbul, Ankara, Kusadasi, or anywhere else in Turkey. If you are reading this in Turkey, relax, pour yourself a nice glass of apple tea, and check things out at Neteller’s web site.

Neteller announced that their loss of Canadian business is likely to have a material negative impact on their results for the year ending 31 December 2007.

Significant reductions in staff are not anticipated, and Neteller will continue to focus on the growth markets of Europe and Asia.

Neteller’s shares remain suspended from trading on AIM because of continuing uncertainties.

Neteller is working towards finalizing audited annual results for the year ended 31 December 2006 and will announce the date when they will be published.

Further information is available on the Group’s website in the form of updated FAQs.

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