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Discussion => Security => Topic started by: Rastaman Vibration on June 20, 2013, 05:41 pm

Title: Mt Gox Temporarily suspends USD Withdrawals
Post by: Rastaman Vibration on June 20, 2013, 05:41 pm
https://mtgox.com/press_release_20130620.html

      TOKYO - JAPAN - June 20th, 2013
      
      Over the past weeks Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. This increased volume has made it difficult for our bank to process the transactions smoothly and within a timely manner, which has created unnecessary delays for our global customers. This is especially so for those in the United States who are requesting wire transfer withdrawals from their accounts.
      
We are currently making improvements to process withdrawals of United States Dollar (USD) denominations, and as a result are temporarily suspending cash withdrawals of USD for the next two weeks.

Please be reassured that USD deposits and transfers to Mt. Gox will remain unaffected, as will deposits and withdrawals in other currencies, and we will be resuming USD withdrawals once the process is completed.

We apologize for any inconvenience this causes our U.S. customers in the meantime, and look forward to resuming withdrawal service as well as debuting a dramatically improved trading engine which will be launching very soon.
      
   

Regards
Mt.Gox Co. Ltd Team.
Title: Re: Mt Gox Temporarily suspends USD Withdrawals
Post by: type on June 20, 2013, 06:40 pm
Of course their banks aren't "overloaded" enough to not accept incoming cash but not at operating capacity to withdraw.

This makes no sense.
Title: Re: Mt Gox Temporarily suspends USD Withdrawals
Post by: bluegreen23 on June 20, 2013, 08:33 pm
Doesn't it? just one more nail in the coffin of US citizens abilities to move hard earned wealth freely.
Maybe what mt.gox claims is true and it's just a matter of processing. Seems unlikely as if it is a matter of processing then as you point out, incoming should be as difficult as out going. My personal thoughts, this has political pressure all over it.
As for US citizens... 2 weeks of expected hiatus from withdrawals. I mean that should be crippling to mt.gox in the US market.  What faith would you have in having funds in mt.gox.
Personally I would think that people would be abandoning mt.gox fast as possible. At best it seems a semi-viable option to purchase coins, but even that seems questionable and could be filled with issues regarding reporting standards. Now issues of getting your money out.

Just my 2 bits worth.
Title: Re: Mt Gox Temporarily suspends USD Withdrawals
Post by: Just Chipper on June 20, 2013, 10:10 pm
Before everyone runs for cover lets look at the facts. Mt.Gox's bank "Mizuho Bank" automated wire transfer API is down. Meaning all wire transfers have to be processed manually. Naturally as you are only interacting with the API to send funds from the bank, deposits are unaffected. Mizuho Bank has stated it will be ~2 weeks for the API to be fixed. In the meantime Mt.Gox is attempting to open accounts at other banks to expedite the process. Of course Mt.Gox won't mention this in their press release as panic=profit. Mt.Gox will make a killing from the trade fees of all these panic traders.
Title: Re: Mt Gox Temporarily suspends USD Withdrawals
Post by: Just Chipper on June 20, 2013, 10:30 pm
+1 for the voice of reason.  ;D
Btw does anyone have any more info on that partnership between CoinBase and Mt.Gox?
They were supposed to buy Mt.Gox's US customer base or something like that.
Then last thing I heard Mt.Gox was sued by CoinBase for breaching the contract.
Which is a real shame as it sounded like it would have been a welcome improvement.
I wonder if Mt.Gox is still planning on going through with it after all or if that boat has sailed by now. :(

I try to be as level-headed as possible, thanks.
So far it appears they are both going to court, no talks of plea bargain from either side.
Still waiting for trial as of now.
It would have added some serious liquidity to the USD/BTC rate.
Honestly... at this point I think Kerpeles is just treading water trying not to drown. He has rapidly shrinking market share, currently under 2 lawsuits, and lowest trading volume I've seen in ages.
Title: Re: Mt Gox Temporarily suspends USD Withdrawals
Post by: fivestargirl on June 20, 2013, 10:51 pm
I was waiting for a withdrawal initiated 8 days ago. After repeated requests, they cancelled it and credited my account. So this has been an issue already for a week and they are just now putting it on their site.
Title: Re: Mt Gox Temporarily suspends USD Withdrawals
Post by: bluegreen23 on June 21, 2013, 04:06 am
All I'm saying is that if something continues to have problem, after problem, after problem.. I would perhaps try to find a new service that was a little more reliable. Despite the reasons why. As you said there could be a very good legit reason why. So what? It's still a 2 week delay in a world that can move very fast.
As I said it's just my 2 bits, but I would be looking for other options, dependable, reliable, simple options.
Title: Re: Mt Gox Temporarily suspends USD Withdrawals
Post by: Just Chipper on June 21, 2013, 03:40 pm
All I'm saying is that if something continues to have problem, after problem, after problem.. I would perhaps try to find a new service that was a little more reliable. Despite the reasons why. As you said there could be a very good legit reason why. So what? It's still a 2 week delay in a world that can move very fast.
As I said it's just my 2 bits, but I would be looking for other options, dependable, reliable, simple options.

Oh I agree. I haven't used Gox ever based on principle. I'm merely stating the facts as they present themselves. I actively recommend everyone use other echanges to decentralize the control Gox has on the market currently.