Bitcoin Gambling via Neteller Changes for the Worse

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If you have ever gambled at an online casino, there’s a high chance you’ve heard of Neteller. One of the most widely spread payment methods across online gambling operators, Neteller alongside its partner Skrill has become a staple in the industry, especially since 2015 when the payment processor incorporated Bitcoin, allowing punters from across the globe to gamble with the world’s biggest cryptocurrency through their Neteller e-wallets. However, since last week, both Skrill and Neteller have introduced a few changes to their terms and conditions which could put off many gamblers who rely on the e-wallet.

New Monthly Fees for Dormant Accounts

No matter what banking option you use for online transactions, you can always expect to be charged some sort of fees for the convenience and speed online payment processors offer. This is particularly true for sending payments to online gambling operators where users have grown accustomed to being charged fees for their deposits, withdrawals, and even other hidden charges. However, when it comes to dormancy fees, most online players feel angered by them simply because they are being charged a certain amount of money for not doing anything.

This is why it’s so surprising to see Neteller add a new dormancy fee to its growing list of expenses. Namely, the payment processor sent e-mails to its users this week announcing that a new monthly fee will be applied to all inactive accounts two months from now. While getting your own Neteller e-wallet will stay free of charge in the future, a monthly service fee equaling $5 in any currency will be withdrawn should the user fails to make a transaction or log into his/her account at least once in 12 months. According to the e-mail, this fee will be automatically deducted from any remaining balance in the user’s e-wallet and the change will come into effect as of March 13th, 2019.

Dual Accounts Could be Suspended; Skrill Also Changing

Another new rule Neteller is imposing is aimed at curbing money laundering and terrorism financing via the payment processor’s network of products – a network that incorporates Skrill e-wallets and Paysafe cards. The Paysafe Group – Neteller’s parent company – has faced allegations of aiding money laundering before and with the crypto-terrorism connection that has always plagued the cryptocurrency sector, it’s become important for the service to impose new rules.

Therefore, Neteller will be applying new restrictions to accounts that are suspected of any form of criminal activity, including but not limited to terrorism financing and money laundering. As explained in the e-mail, any e-wallet account, prepaid card, or both, could be suspended or restricted in “functionality” by the payment processor if there are suspicions that the same user holds a different account that has been employed to perform criminal activities or any form of fraudulent activities.

January 9, 2019: • No Comments

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