Neteller, one of the biggest online payments processors, has announced that it will cease processing online gambling related transactions for Canada-resident and Turkey-resident customers.
Neteller will stop accepting business from Canada residents starting April 6, 2007 and starting today, March 26, customers from Canada cannot deposit funds using the company's instacash service either directly or from any online gambling site.
The latest legislation that Turkey passed on February 28 2007, limits online gambling and defines that only authorized domestic and foreign companies can offer their services to Turkish citizens. Starting today, March 26, Neteller has ceased processing online gambling related transactions for Turkey-resident customers.
Neteller executives decided that the risk to their ongoing business in Canada and Turkey has increased after a risk assessment of the markets it serves. According to Neteller, the recent actions by regulators and online gaming operators have significantly increased the uncertainty regarding activities that relate to online gambling in some jurisdictions.
After the recent staff cuts in its Calgary operations following the anti-gambling legislation in the United States in October, Neteller is shifting its focus to the growing markets of Europe and Asia.
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