Quicktender Issues Statement About Withdrawals

19 May 2011


The management of Quicktender would like to make the following statement regarding the current situation with UseMyWallet/Quicktender withdrawals:’

“We have operated a reputable & reliable payment mechanism for US customers since 2006. Our reputation is important to us, & until recently there has never been any question that players & merchants would be paid. In order to achieve this, we have built over many years relationships with payment intermediaries that share our values of honesty & integrity. In the jurisdictions from which we offer our services we are proud to be properly licensed & constituted, & have even worked with US law enforcement on occasions where criminal activity has been identified.

However, we cannot always predict some of the vagaries of the US administration. Over the past 2 weeks we have in good faith transmitted withdrawals initiated by Quicktender account holders to beneficiary bank accounts in the US. The money left our account in Europe. It was only in response to increasing complaints from our customers that we recognised there was a problem, & asked our bank to investigate. It emerges that the money has been accumulated in our bank’s correspondent banking partners accounts in the US, & has been frozen. We suspect it is possible that these funds may be subject to a seizure order by the US authorities. We would stress that we do not have bank accounts in the US of our own, & that the funds have left our account Europe.

It is our express intention to ensure that the funds of our account holders are safe. For this reason we have decided to suspend future withdrawals until we understand what has happened to the money that has been frozen. If we continue to transmit bank wires into the US we could find that these funds also do not reach their ultimate beneficiaries. This would simply make the problem worse.

We ask our customers to bear with us in these difficult times. Please be assured that we have always honored our obligations in the past, & that we will make every effort to overcome these current difficulties. It is not in the interests of anybody to attempt to financially impact QuickTender further. These actions may impact the future viability of the company & the ability of the company to pay its customers. We are assessing our current exposure, & how best to reintroduce withdrawals safely.

We would like to take this opportunity to thank our customers for their past loyalty, & to reiterate that we will take all possible steps to ensure that our customers money is secure.”

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