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Vin Narayanan

Vin  Narayanan
Vin Narayanan is the former managing editor at Casino City and has been involved in the gaming industry for over a decade Vin is currently based in Hong Kong, where he runs his own consultant group and works as head of gaming and public relations for Mega Digital Entertainment Group.

Before joining Casino City, Vin covered (not all at the same time) sports, politics and elections, wars, technology, celebrities and the Census for USATODAY.com, USA WEEKEND and CNN.

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Payment processor Quicktender suspends operations

25 May 2011

By Vin Narayanan
QuickTender, a popular electronic wallet for online gaming affiliates, announced Wednesday it is halting operations.

QuickTender announced the move on its website and e-mailed account holders about its decision.

"With regret, the Quicktender service has been discontinued," QuickTender said on its website. "All account holders will be notified by e-mail."

In a letter e-mailed to account holders, QuickTender blamed the stoppage of service on bank accounts being frozen by court order.

"Further developments specifically relating to our main bank processing company have resulted in our accounts being frozen subject to a seizure order giving us no ability to make payments in any currency," QuickTender said in the letter e-mailed to account holders.

"In light of these developments we have had no option but to discontinue the Quicktender service with immediate effect and for the foreseeable future," QuickTender wrote. "At this time we are unable to confirm when or if we could make payments of remaining balances."

The stoppage in service comes just two days after U.S. Department of Justice unveiled a second round of indictments against online gambling companies and seizures of related accounts. On Monday, the DOJ charged Canadian-based ThrillX and Cyprus-based BMX Entertainment with money laundering and operating an illegal gambling business. The indictment alleged the two companies offered sports betting services. ThrillX operated Beted.com, according to the indictments, while BMX Entertainment offered six websites that ran sports betting services.

Additionally, 11 bank accounts located in Charlotte, N.C, Guam, Panama, Malta and Portugal were seized, as were ten domains.

Last month, the DOJ unsealed similar charges against the founders of PokerStars, Full Tilt Poker and Absolute Poker. In that case, the DOJ moved to seize more than 70 bank accounts and is seeking $3 billion in penalties.
 
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