ChanPoker, the online poker site founded by professional poker player Johnny Chan, has announced it is ceasing operations, effective today.
An announcement on the ChanPoker.com website said that deposits would no longer be accepted, but all withdrawal requests would be "honored and promptly processed."
The announcement did not explain why ChanPoker was shutting down. However, PokerNews speculated that the shift in the online gambling market, caused by the Unlawful Internet Gambling Enforcement Act (UIGEA), led to ChanPoker's demise. The act was passed in 2006 by U.S. Congress, and prohibits the transfer of funds from financial institutions to online gambling sites. UIGEA has forced many online gambling sites -- including ChanPoker -- to prohibit U.S. players from taking part in online games.
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