Further adding to NETeller's Oct. 12 announcement, the company released a statement today declaring their intention to continue processing gambling transactions for U.S. poker players until regulations are established by the Federal government for the Unlawful Internet Gambling Enforcement Act (UIGEA).
The company said they will comply with the UIGEA and its related regulations despite the fact that it is headquartered outside the U.S. and is not subject to its laws.
In explaining its decision, the company said: "This action is intended to ensure that the company is able to continue to operate with the support of its principal commercial partners and to protect its shareholders, business partners, employees and reputation."
The U.S. Secretary of the Treasury and the Board of Governors of the Federal Reserve System are tasked with setting up regulations for the UIGEA, a process they have 270 days to complete.
As a result, the obligations of NETeller and other financial transaction providers remain unclear, and the firm has vowed to increase its review of the UIGEA and its ramifications.
"In view of the importance of these issues, NETeller has accelerated its review of the Act and all other relevant laws and pertinent developments. The company also continues to closely monitor the regulatory situation and is determining what actions to take well before the conclusion of the 270-day rulemaking period.
"In the interim, U.S.-resident customers are able to use the NETeller service as normal. The funds of U.S.-resident customers are held in trust accounts and will be available for withdrawal on demand. The ability to withdraw funds will exist regardless of the customer's location or ability to transfer to any site."
The company will continue to operate its non-U.S. business as normal.