The Online Internet And Cash Processor Neteller, Which Is Situated In The UK, On The Isle Of Man, Stresses That It Is Being Covered By A 170 Day Regulatory Period

Neteller, the e-cash processor that is located on the Isle of Man, has issued a message intended to calm the fears of its members worldwide, late Sunday.  In a message issued by the e - cash service, it is stated clearly that there is a period of several months, up to nine months, that has been set aside for the U.S. government enforcement of online cash processors and entities related to federal banking.  This period is allowed in order to clarify the regulations that will apply with regard to the latest anti-online gambling bill.

In order for each designated system for payment as well as all of those involved, to be able to identify and also to block and to prevent and to stop those transactions that are restricted, these regulations are required and necessary, the statement said.

The statement issued by Neteller points out that since Neteller is a company that is actually based in Europe, it is totally not clear what its status is with regard to this bill.  The statement also points out that Neteller, in addition to being a European company, also holds no assets nor does it have any presence whatsoever, nor does it employ workers within United States, that might be affected by this new bill.  They stress that once regulations have been established and written down, then it will be clearer to Neteller as to how that company will be affected by this new bill and how Neteller as well as other companies, that are covered by the bill, will be expected to act.  The written regulations will also clarify any resulting impact that they may have on Neteller with regard to the business that it has been doing in the United States.

The statement stresses that Neteller is continuing to operate as normal.

Neteller has at this time, over 3 million customers situated in 160 countries worldwide.  It has transferred over $70 billion on a yearly basis.  In the United Kingdom, Neteller has gained authorization under the tenets of the financial services authority regulations, as well as being listed on the AIM London market stock exchange.  As a means of protecting its customers, the Neteller statement states that all customers assets are protected, meaning that their money and all of their deposits that are in transit or have been not yet cleared, are being held in trust accounts.

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