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+-   ICANN ends Domain Squatters Free Ride on Monday April 28 2008, @09:37PM Anonymous Coward

Submitted by Anonymous Coward on Monday April 28 2008, @09:37PM
government
An anonymous reader writes "For years Domain Squatters have exploited an ICANN loophole: Whenever a domain name is registered, ICANN collects a 20c fee from the registrar. To allow for non-paying customer, the registrar can return it five days later for a full-refund. The loophole let unscrupulous registrars constantly create and refund domain squatting websites, selling "what you need when you need it" advertising. The problem has grown so bad that every month the world's top three domain squatters, all located in Miami with the same address represented by the same lawyer, recycle eleven-million domain names.

After years of complaints ICANN has finally decided enough is enough, voting on April 17 to make the ICANN 20c fee non-refundable.
Suddenly those top three squatters will be getting a monthly bill of $2.2M. News of the ICANN changes have been applauded by legitimate Internet businesses, tired of having to choose nonsense names because all the good ones have squatters.
ICANN has published an analysis of the economics of ending domain squatting."
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