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Australian government halts sale of Virtual Money ATM cards in Australia

December 19, 2007

iTnews: The Australian Securities and Investments Commission (ASIC) has halted the sale of Virtual Money ATM cards in Australia. The cards, which are similar to debit cards, enabled consumers to deposit money to Australian bank accounts for later withdrawal or transfer to the account of another Virtual Money cardholder anywhere in the world. The decision to stop the sales was made because Virtual Money Inc., which is based in Texas, was allegedly selling cards to retail consumers without an Australian financial services license.