Some folks started holding out hope that YouTeller would save the day by being the next Neteller. Those hopes are beginning to look like their about to be trampled on as eGaming Review has uncovered that the company is full of sh*t. [registration required]
YouTeller claims on its website to be a trademark of a company called Seed Capital Ltd, and gives an address in east London. A link on the company’s contacts page then diverts to the FSA register of Small E-Money Issuers where a company called Seed Capital Ltd is indeed listed.
However, a search on the FSA website reveals the company behind Seed Capital Ltd to be Oxford Technology Management, a company based in Oxford. When contacted by eGaming Review, a spokesperson at Oxford Technology Management said the company had never heard of YouTeller.
And just in case it gets pulled down, here’s a screen shot of their claim on the YouTeller website.
eGaming Review goes on to report
YouTeller also gives a registration number for Companies House in the UK on its website. A search under the number given comes up with the same east London address as the YouTeller website. The only director registered is one Florian Schweitzer with an address given in Austria.
This Seed Capital Ltd was registered at Companies House in October 2006. The other Seed Capital Ltd, from Oxford, registered its name at Companies House in July of last year. Schweitzer is not registered personally with the FSA.
A spokesperson for the FSA said the matter had been passed on to the relevant department for investigation.
Expect to see more of this shady stuff going on as things evolve. I previously stated that one of the myths about the UIGEA was that there was too much money involved for someone not to service this market but the truth actually is that there’s too much money involved for someone not to try to scam this market.