Feeds

Canada sticks the boot into Neteller

As it gets stuffed by Turkey

New hybrid storage solutions

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. ®

Security for virtualized datacentres

More from The Register

next story
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
Drag queens: Oh, don't be so bitchy, Facebook! Let us use our stage names
Handbags at dawn over free content ad network's ID policy
Heavy VPN users are probably pirates, says BBC
And ISPs should nab 'em on our behalf
Italy's High Court orders HP to refund punter for putting Windows on PC
Top beaks slam bundled OS as 'commercial policy of forced distribution'
Former Bitcoin Foundation chair pleads guilty to money-laundering charge
Charlie Shrem plea deal could still get him five YEARS in chokey
NORKS ban Wi-Fi and satellite internet at embassies
Crackdown on tardy diplomatic sysadmins providing accidental unfiltered internet access
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Top 5 reasons to deploy VMware with Tegile
Data demand and the rise of virtualization is challenging IT teams to deliver storage performance, scalability and capacity that can keep up, while maximizing efficiency.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.