MyCitadel Still Taking U.S. Business

Published: Tuesday, October 31, 2006 Online-Casinos.com

MyCITADEL STILL TAKING U.S. BUSINESS

e-Cash company clarifies its position


e-Cash processor MyCitadel will continue to handle the online gambling business of US players whilst keeping a close watch on developments as the regulations stemming from the Unlawful Internet Gambling Enforcement Act are framed in the 270 day period laid down for this in the Act.

Parent group Entertainment Systems Inc out of Vancouver, Canada has confirmed that Citadel Commerce, a wholly owned subsidiary of ESI, in conjunction with its advisers, continues to monitor the progress of the Act and of the regulations for its application.

"The Company expects to have a clearer view of how financial services companies can effectively comply and of the resulting
impact on its business as the regulations are drafted in the next 270 days. In the meantime, with due regard to the law, the Company will continue to operate its business to minimize any risk while maintaining existing customer and merchant support across the markets it currently serves," the announcement informs.

ESI took the opportunity to reveal that Citadel Commerce had already initiated expansion into certain segments of European payment processing in 2005. It has now successfully launched support for MyCitadel Wallet in Spain and the United Kingdom.

The company recently completed a technology audit, one of the final stages in completing an e-money license application before the FSA. The company will continue to build support for additional countries using MyCitadel Wallet.