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The announcement is in contrast with previous noises from the company that suggested it would carry on business as usual.

The statement to the London Stock Exchange released on Thursday, 19 October, suggested that while there was some uncertainty regarding the obligations of financial transaction provider such as Neteller, this was likely to be “largely resolved” once the regulations are prescribed within 270 days.

The statement continued: “In view of the importance of these issues, Neteller has accelerated its review of the Act and all other relevant laws and pertinent developments. The company also continues to closely monitor the regulatory situation and is determining what actions to take well before the conclusion of the 270-day rulemaking period.”

In the interim, though, Neteller said non-US residents would be able to use the service as usual. “The funds of US-resident customers are held in trust accounts and will be available for withdrawal, on demand. The ability to withdraw funds will exist regardless of the customer’s location or ability to transfer to any site.”

It added that non-US customers were not affected by the legislative changes.