Ok – so they’ve received the all clear from the FSA.
YouTeller NEWS
The UK’s Financial Services Authority (FSA) has moved to clear up the confusion regarding the apparently false claims to certification by new payments processor YouTeller.
An FSA spokesperson has confirmed that it has granted a small e-money certificate to YouTeller, the registered trademark of Seed Capital Limited.
The spokesperson went on to explain that the confusion arose because there is another Seed Capital Ltd to be found on the FSA register with the same name. The contact for this company is Oxford Technology Management, a firm which undertakes insurance mediation.
The spokesperson concluded that they had “no reason to suppose that any false FSA claim has been made in the case of this small e-money issuer called Seed Capital Limited.”
The contact for the FSA certification at YouTeller is Johannes Knierzinger, a co-founder of YouTeller, though his name does not appear as a director in the Companies House registration.
Florian Schweitzer is the only director named. He has confirmed the confusion over the names at the FSA. He said: “It was not our intention to confuse people.”
Schweitzer confirmed that his company intends to enter the US gambling transaction market, but added that he had not told the FSA this information.
“We didn’t say that to anyone,” he added. “We have the ability to do that, but we have to wait until we receive the advice of our legal advisors.”
But still – there are some very odd points.
“We didn’t say that to anyone,” he added. “We have the ability to do that, but we have to wait until we receive the advice of our legal advisors.”
And yet their press release said something about “In the wake of Neteller…”
Also, a small money issuer can issue up to 10 million pounds (or Euros, I can’t remember which) – probably a pittance compared with what Neteller has been dealing with – and certainly not remotely big enough to serve the US market, or probably even the UK market, let alone the rest of the world.
And then there’s that silly YouTube video… real professional marketing, that.
At the very least, I *highly* doubt that it is even remotely related to Neteller or its execs or employees. In any case there are more than enough red flags in my mind to maintain a “wait-and-see” attitude.