Neteller pulling out as well?

Penguinfan · #1 10-19-06, 02:34 PM

At least they are waiting to see how everything shakes out, but in a statement from Neteller they said they will comply with the law as if they were in it's jurisdiction.

They are waiting to see how US banks handle it first though. I still hold hope that they will find this to be way too expensive.

Reel Deal · #2 10-19-06, 02:39 PM

Where's that statement? Can you provide a link?

Quint · #3 10-19-06, 02:43 PM

Reel Deal · #4 10-19-06, 02:45 PM

Ugh.

Quint · #5 10-19-06, 02:48 PM

Since they are a publicly held company (did not know this, previously) they probably don't have much choice. I have no doubt that another, privately held option will become available. Just a pain in the ass more than anything. t least neteller is going to wait as long as possible to change their policy.

Aequitas58 · #6 10-19-06, 03:06 PM

Unreal.

Zybomb · #7 10-19-06, 03:12 PM

What about Epassport?

BrianSwa · #8 10-19-06, 03:13 PM

there fees are pretty crappy not to mention not all sites have this option, of course that might change if neteller goes away.

Reel Deal · #9 10-19-06, 04:13 PM

Yes, they have a choice. The law forbids someone in the business of betting and wagers from accepting money from someone in the U.S. For starters, Neteller is not in the business of betting and wagers and second, they're not based in the U.S. so they are not required to comply with this law in any way. They simply cannot be touched by this law. If they shut off U.S. customers that will be a horrific business decision.

Quint · #10 10-19-06, 04:37 PM

I am by no means an expert in this field, but isn't this similar to why the publicly held poker sites folded so easily, or in the case of UB sold out to a private company? Something along the lines of not knowingly breaking the laws in the jurisdiction where the company resides.

lightfungus · #11 10-19-06, 04:51 PM

Wouldn't this mean we are doomed to horrible fees? I don't even know how to get money online without neteller or directly from the bank...

Reel Deal · #12 10-19-06, 04:57 PM

No, because they're not in the business of betting and wagering so the law doesn't apply to them (unlike a poker site) and they are not in the jurisdiction so they can't break the law. For them to even consider shutting out U.S. customers is just moronic. The only reason I can think of is they're getting pressure from investors that don't understand the law.

GeoffM · #13 10-19-06, 05:03 PM

Could always get a Canadian/Euro/non-Yank to do it for you and paypal the money on the side

Quint · #14 10-19-06, 05:20 PM

Gotcha!

I'm sure it'll all work out in the end.

Penguinfan · #15 10-19-06, 05:28 PM

If only I knew a Canadian, shit.

Reel Deal · #16 10-19-06, 05:39 PM

I know a few... none of them are trustworthy however. Oh well.

Talking Poker · #17 10-19-06, 05:54 PM

There is a massive business opportunity here, and it goes far beyond creating Neteller2.com.

I'm actually surprised eejit hasn't jumped on it yet.

Penguinfan · #18 10-19-06, 06:47 PM

You are correct, money laundering could be quite a profitable business becasue of this new law.

Tony Cheval · #19 10-19-06, 10:17 PM

TalkingBanking.com?

Talking Poker · #20 10-19-06, 10:25 PM

Why would it have to be money laundering? Why couldn't I buy a place in Country X with 10,000 physical post office boxes that you would then buy from me. You'd have your own address. Then tie this to a local (in Country X) bank account and viola!

This is the quick and dirty high level, but I don't see how this is money laundering at all.