NETeller smoothly processing U.S. withdrawals

NETeller unlocked it U.S. accounts Monday and has begun processing withdrawal requests. American customers have until Jan. 26, 2008 to withdraw their funds, and only complete withdrawal requests are being honored. The accounts can not be used for any other purpose.

So far, the process appears to be moving smoothly. Casino City submitted its withdrawal request on Monday and funds were transferred to its bank account that same day. Other gaming affiliates are reporting similar successes.

NETeller froze American accounts and exited the U.S. market in January following the arrests of its two co-founders, Jim LeFebvre and Stephen Lawrence. Both LeFebvre and Lawrence have pleaded guilty to conspiracy charges.

The popular payment processor reached a deal last month with the Department of Justice that will allow it to avoid prosecution if it pays $136 million to the U.S. government, admits criminal wrongdoing in the processing of online gambling proceeds and implements procedures to prevent Americans from using its service.

NETeller, which stopped accepting Canadian transactions in April, has seen its revenue fall 54% since its exit from North America.