Online Payment Processor Returns Funds
By staff
After returning to the London Stock Exchange late last week, embattled online payment processor NETeller has taken another step forward by announcing that it will begin returning some $94 million in frozen funds back to the rightful owners.

The Isle of Man online money handler ran afoul of the US Government last year and, as a result, the millions of dollars of Internet players' funds were frozen in their accounts.

Following an agreement reached with US prosecutors, NETeller said that customers should receive an e-mail this week if they have funds due to them, after which they may withdraw any funds held since mid-January.

NETeller has been quoted as saying that those who request payment by electronic money transfer should have the funds in their bank account by the end of next week with non-certified NETeller account holders being prompted to request funds via cheque.

However, NETeller also warned that, due to processing ‘$94 million to hundreds of thousands of US customers, it will take some time for all payments to be processed’.

The company also announced that it has signed on as a premium sponsor for the upcoming European iGaming Congress and Expo as a strong indication that the company remains committed to the online gambling sector.

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