Thursday, October 19, 2006

Go read what Bill said.

Clarification: I should have said, go read Neteller's updated statement (PDF). I linked to Bill, who linked to Neteller's updated statement on the gaming ban.

Their updated statement is basically that they intend to treat their business as if it is within US jurisdiction.

That said, their foreign status is now irrelevant. It is as if they are a financial institution operating in the US. I'm sure they will fight to be categorized as some financial institution that is exempt from this law, but our government granting that exemption is unlikely. They may be buffoons but they know who Neteller is.

4 Comments:

  1. Anonymous said...
    If the rules when they are defined ban them from dealing with US customers.

    They are lobbying to make sure that they are not included under the "illegal" sites.
    Meta Architect said...
    Neteller will NOT pull out. Bill is an idiot. But, bet me $100 that 1 year from today you will be able to transfer $100 from your Neteller account to PokerStars. Read the law. Read what kind of business Neteller is. Geez people. Make a mountain out of a molehill!!
    Shelly said...
    Meta - you obviously haven't read Neteller's updated statement on the issue, released today.
    Meta Architect said...
    Hi Phyersphan,

    I have read it. The reason Neteller posted this is because they truly believe that they are within the law and they want to make their customers feel comfortable in using them -- read between the lines -- that is really what they are saying. They are NOT a gambling site and they are NOT a CREDIT CARD company. When you transfer money to them you can keep it in their account for as long as you like. You can transfer that money to a merchant or you can transfer that money to me -- or you can transfer it to a Gambling site. Again, this is simply a Marketing message from Neteller and they fully expect that they are not a target of this legislation.

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