Bitcoin Forum

Everything is fixed.

Is this in order to have your daily limit increased? Or have they locked you down completely? Did you do anything unusual?

How much volume are you doing?

When I wanted to have my Withdrawal limit raised, I had to mail him notarized copies of my documents to Japan.
Definitely a good business practice, not a bad one!

I sell and trade btc to other people charging a small percentage. I would go buy moneypaks and trade btc to other people. People send btc to my wallet and I transfer them to mtgox and withdraw usd, rinse and repeat. This is not the whole point. The whole point is that if they are going to act like a bank, they should put up an agreement before their customers registered an account with them. This is unfair because there is no way I'm going to send them my ID and proof of address because I don't trust their security.

My withdrawal limit is only 1k a day. I never requested them to raise my withdrawal limit. My volume is about 4k btc the last 30 days.

Are you sure it's mtgox asking for those documents? Maybe it's some phishing attempt or something.

There is nothing "unfair" about it. Its the way it works. They sometimes have to do this in order to not get shut down accused for being a money laundry service.
You can allways transfer you Bitcoins someplace else if you dont like it.

Yes ofcourse it could also be a phishing.

Dosent seem like your over the limit, but probably triggered something in his system.


istar is correct, ou agree to his TOS when you created an account. He has the right to ask for these documents.
You should look at it as a good thing.

You've obviously never signed up for stock trading before, THOSE are invasive, Mtgox is just doing a good business practice for their volume.

Why would Mtgox phish their own site? lol I emailed to Your account is currently pending review, please contact aml@mtgox.com and got this respond:

Hi,

To unblock your account which is pending identity verification, please provide your account name, the copy of an official ID document (such as passport, driver's license, etc...) and the copy of an utility bill at your name and address.

Please fill the following:

Account Name:

We will review your document and unlock your account based on the information provided.

Please note that you can also send a notarized color copy of your ID document to this address (remember to include your mtgox account name) via registered mail (fedex, etc) :

Name: Mark Karpeles
Company: Tibanne Co. Ltd.
Address: 26-1 Sakuragaoka-cho
Address (cont): Cerulean Tower 15F
City: Shibuya
Region: Tokyo
Zip: 150-8512


Thanks,
Mark



They won't let me withdraw USD or Bitcoins. I guess tradehill and new exchanges will be getting more business from now. Sucks because I really like them.

don't forget; Bitcoin is a new concept and is in a highly evolving state.  anything to keep the doors open at Mtgox is worth it for now.  not ideal, but necessary i'm afraid.

personally i wouldn't make a big deal about it.  if you're making a profit doing this i would stick with it even if it means revealing your identity.  not too many Bitcoin businesses are making a profit at this moment.  and if it gets big, like i'm betting, if you're one of the last guys standing still in business your upside will be enormous.

thats the exact documentation they asked of me when i wanted to withdrawal more than the daily $1000 limit.  that was 2 mo ago though.

I don't have a problem giving them my ID and proof of address as I did with Paxum. Paxum didn't get hacked and Mtgox got hacked. Who do you trust more? What happens if they get hacked again. Have you heard of Identity theft?

What terms of service?  MtGox doesn't have published terms of service.

In the absence of published terms of service, Mt. Gox is bound by their advertising, i.e.their web site. Which does not mention withdrawal limts. (https://mtgox.com/users/withdraw).

Yes, but I'm not withdrawl more than 1000 limit.

Yes, seriously! Put something up like "We are required to obtain ID/Proof of address if your account have heavy volume" or We are required to obtain ID/Proof of address if you want to register an account with us" Something to warn their customers before, not after the customers already deposit money or btc into their account. It's like seeing an ad in the newspaper for a lcd tv for 300 bucks retailed 800 bucks and when you get to the store, they tell you we don't have it available but you can purchase this other lcd tv for 800 bucks.

Which tos? I don't see any links to any tos on mtgox.com. What sucks isn't that mtgox requires the documents (assuming this hole story is true), it is that nobody knows about that when signing up. You sign up, deposit funds and later get your account blocked receiving an E-Mail basically saying 'oh btw if you want to access your funds, we need your id n stuff now'. Again, assuming this story is true (I don't have a clue if it is).

I have proof! Do you guys want to see it?

i clearly trust mtgox more.  i've moved way more money thru them than you i assure you and never had a problem.  the hack has made him stronger and what i see now in terms of security is much better than before.  he also has history; of being a strong supporter of the bit coin concept from the beginning as well as being charitable in helping out others in the community.

I agree with this, Mark and his team have personally gone out of their way to accomodate me.
His security is tighter than ever, and I have moved more than 60k thru my accounts just in the past month.

Incraft, maybe you should contact mtgox in irc and ask him why he requires the documents from you. Maybe someone sent stolen funds to you which you sent to mtgox.

This still doesn't explain why he asked for ID/proof of address after the customer register an account with mtgox. Being trustworthy is being honest, not deceiving your customers into putting btc/usd into your company and then ask them if you want your funds, give me your ID/proof of address.

Ok. I will. Thanks.

quick tip- log into the #mtgox channel, send him a personal query and wait like an hour or two. He will respond.
If your on eastern time, I've found 10pm-2am is a pretty good time as its morning for him and hes not so busy yet.

-Charlie

He's probably sleeping right now. It's night time in Tokyo.  :(

MtGox and TradeHill both started out pretty much arguing that financial services regulations didn't apply to them because Bitcoin's legal status hadn't been legally defined anywhere.  Each of them has encountered issues since then because of adopting that stance and it's likely that they'll be required to become compliant with local laws in more jurisdictions as time passes.  The period of time during which they were able to get away without complying with such laws was a bonus for them and their customers, but it was naive to believe it would continue long-term.

Should both companies have realised at the outset that they would eventually have issues with financial services regulations and AML laws?  Absolutely - and I suspect that they did realise that eventually their compliance would be required but they just didn't know when.  To the extent that they're requiring either account or identity verification in order to comply with the law, users have little legitimate cause for complaint - the risk of the exchange bank accounts containing user deposits being frozen indefinitely if they're non-compliant is very real and always has been.

It's also possible that MtGox has taken this measure in response to attempted fraudulent withdrawals.  God knows there have been enough threads posted here about people's MtGox accounts being the subject of unauthorised withdrawals that it would be irresponsible of them to not have measures in place to address that particular issue.  The bigger the exchanges become and the more they're turning over, the more they're going to have to implement systems which automatically take actions in respect of user accounts and then manually review those actions if necessary.  It's unlikely that MtGox knows what's going on with any particular user account unless it's flagged in some way by their system.

Hm.. here's my two bitcents:

Scan your ID-papers and utility bill(s), then you censor (with a black block), those parts of the identification that makes it possible to commit identity theft. For instance, in some countries, having the full personal identification number may be enough to do a lot of fraud. I personally know people who has submitted ID-papers to mtGox, and have censored certain parts of these documents, yet they've had their limits lifted.

That may be one option for you.

Apart from that, it appears that mtGox is working hard for the community, and for bitcoin in general, and if you don't like their business practises, you can also use other exchanges.

He fixed the problem and he is a good guy. System is automated for phising. Everything is aok!

great!  now change the title of this thread to reflect that.

where did you end up communicating with him? email? irc?

i got an email today saying 'account under review' because i hadn't sent ID yet, but i was always keeping under their withdrawal limits.

so apparently you need to send ID eventually anyway even if you stay under the limits.

sent the docs electronically, hopefully i don't need to snail mail japan.