To say that there is a lot of nervousness in the poker world recently would be an understatement. After the two founders of Neteller were arrested in the US, Neteller (and a number of other e-wallet companies) announced that they would no longer be servicing US clients. Well, it got worse. As of right now, Neteller has a huge backlog of US clients looking to withdraw funds, and as far as I know, no transactions are going through (I believe that Neteller currently doesn't have an ACH processor in the US that can transfer the funds.)
A lot of people are on poker forums, etc. saying that if you are a US resident, then your money is permanently locked in Neteller. Well let me say a couple of things that will probably make you feel better.
1. Transactions in other countries are still going through. I am based in Canada, and my withdrawals are going through just as they normally did. If Neteller were insolvent, this wouldn't be the case.
2. Neteller is a publicly traded company, which is audited by KPMG. Neteller isn't simply going to run away and hide with your money. If this were a private company, I would be very concerned, but it isn't.
3. Neteller has a significant amount of cash on hand, and most importantly, a great deal of cash in trust. Not only does Neteller have $114.6 million dollars in free cash, but they are also holding over $220 million dollars IN TRUST. This is customers money which can not be touched. Not Neteller's money, but your money.
In closing, I will say that I don't know when Neteller is going to get this money out, but I am 100% sure that your money is completely safe at Neteller. They aren't just going to up and disappear.
Technorati Tags: neteller
Filed Under: Miscellaneous Poker Articles