Jun 30 2011
PokerStars to Players: Your Funds are Safe
written by: James under News Comments: Comments Off
The Alderney Gambling Control Commission shocked the global online poker community yesterday when they announced that Full Tilt Poker’s license had been suspended, effective immediately. For players around the world, this means no deposits, no withdrawals, no new registrants and no poker play of any kind, at least until the AGCC convenes for a regulatory hearing on July 26.
As of now, Full Tilt Poker has yet to make a public statement regarding the total shutdown. Rival online poker room PokerStars, however, is taking a more assertive approach and reassuring its players that Full Tilt’s licensing woes will not have any effect on the PokerStars player base. The Isle of Man Gambling Supervision Commission (IMGSC), which is PokerStars’ licensing body, echoed these statements.
In an official press release, the IMGSC noted that Alderney is a completely “separate jurisdiction from the Isle of Man,” and that PokerStars is still in total compliance with its own unique licensing requirements. The IMGSC went on to speak for PokerStars, saying that the site will continue to offer real money withdrawals to all players, including those based in the U.S. and abroad.
PokerStars made a statement of their own, describing their operations as “completely unaffected” and player funds as “completely safe.” They noted that their license remains fully intact worldwide, and that players from around the globe would experience no delays in processing both deposits and withdrawals.
PokerStars also reassured players that their licensing remains intact in their other regulated jurisdictions as well, including Estonia, Italy and France. The statement went on to say that PokerStars has and will continue to keep player funds secure by storing them in segregated accounts, separate from their general operations funds.
PokerStars concluded its statement by noting that they’ve struck an agreement with the U.S. Department of Justice that fully allows them to continue their full operations outside of the U.S.
Since Black Friday occurred in mid-April, PokerStars has processed over $120 million in withdrawal requests for U.S. players alone.
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