Feeds

Canada sticks the boot into Neteller

As it gets stuffed by Turkey

High performance access to file storage

Money transfer group Neteller, which at one time serviced about 85 per cent of online gambling transactions, has been forced to pull out of Canadian and Turkish markets after garnering attention from regulators.

The group said any funds customers had deposited in their e-wallets would be safe, and could still be used for non-gambling transactions. It stopped processing Turkish payments on Monday morning, and will cut off Canadian gamblers on 9 April.

Turkey passed laws on 28 February designed to restrict online gambling services offered by "unauthorised" companies like Neteller, while Canadian provinces have variously begun clamping down on the trade.

Neteller only last week saw off a US Department of Justice investigation into its involvment in online betting by giving money back to American gamblers.

In a statement to AIM on Monday, Neteller said: "Recent actions by regulators, payment processors, and online gaming operators have increased the uncertainty around certain activities related to online gambling in some jurisdictions. The Board of Directors of the company reached a decision, on 25 March 2007, that the risk to the group's ongoing business in Canada and Turkey has increased in the light of such developments."

Trading in the Isle of Man-based outfit's shares on AIM has been suspended since mid-January, when two of its executives were arrested by US authorities.

The loss of its small Turkish business will have no effect on Neteller's finances, but the Canadian market shut-down will have a material impact on its numbers for 2007. The group is yet to deliver its 2006 results to investors. ®

High performance access to file storage

More from The Register

next story
Android engineer: We DIDN'T copy Apple OR follow Samsung's orders
Veep testifies for Samsung during Apple patent trial
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
One year on: diplomatic fail as Chinese APT gangs get back to work
Mandiant says past 12 months shows Beijing won't call off its hackers
German space centre endures cyber attack
Chinese code retrieved but NSA hack not ruled out
EFF: Feds plan to put 52 MILLION FACES into recognition database
System would identify faces as part of biometrics collection
Big Content goes after Kim Dotcom
Six studios sling sueballs at dead download destination
Ex-Tony Blair adviser is new top boss at UK spy-hive GCHQ
Robert Hannigan to replace Sir Iain Lobban in the autumn
Alphadex fires back at British Gas with overcharging allegation
Brit colo outfit says it paid for 347KVA, has been charged for 1940KVA
Jack the RIPA: Blighty cops ignore law, retain innocents' comms data
Prime minister: Nothing to see here, go about your business
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.