My Spin on the seizure of Online Poker Funds.

Well the cat is out of the bag.

 "ALL IS WELL REMAIN CALM!!!!!!"





The US Attorney for Southern New York has obtained a seizure order for online poker funds held by Wells Fargo Bank of California in the amount of approximately $30 million USD. Additionally two credit card processors have been called to a Federal Grand Jury on June 18th to testify in regards to possible "Wire Act" money laundering charges. What does all of this mean to a regular joe online poker player?
* Currently deposit options are limited to wire transfers (expensive) and Western Union (less expensive but time consuming). Within a week eChecks and gift cards will be back up and running.
* If you hit a nice pay out on a tourney or cash game session your cash out request may take a few weeks extra to process but the sites are paying.
* Funds you have on the sites are safe and sound within the jurisdiction of the United Kingdom. An EU counntry with regulations in place to protect your funds. Do not panic.
* Those of you who managed to win a WSOP seat should contact your site to verify that they have the funds on hand in Las Vegas to pay your entry. (THIS, in my opinion, WAS A WELL TIMED ATTACK ON ONLINE POKER SINCE THE SITES HAVE TO TRANSFER INTO THE US MILLIONS IN ADDITIONAL FUNDS TO COVER PROMISED WSOP SEATS. THEY GOT CAUGHT WITH THIER PANTS DOWN AND ATTENDANCE AT THE WSOP WILL BE DOWN MARKEDLY)

Overall, I would have to say do not panic the sky will not fall on your head. Online Poker is safe for now and with over $30 million dollars riding on this case you can beat we will get at least a US Circuit Court of Appeals ruling on the legality of online poker in the USA. On top of this we just may see a Cease and Desist order on the matter from the President and the US Attorney General to the Asst. US Attorneys since the EU, WTO and G8 really are pissed at the US over its stance on internet gaming. In the long term this just might be the beginning of the end of this arguement once and for all.

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