I have finally had a further reply:

We will update the withdrawal form and introduce a withdrawal limit (limited to the amount of available reserves), once again we apologize for the inconvenience

Still no meaningful explanation.

As i said, i have either been treated with contempt or exploited to provide risk-free profit for them. I guess i will never know as they seem incapable or unwilling to provide a response of more than 25 words.

A friend suggested that if they are no longer dealing with Mt Gox, maybe they are restricting themselves to using `clean` mined ie freshly minted bitcoins, and therefore have a very modest  and limited supply. Or that is just an excuse to rip off customers.

Good luck if you continue to use them!

LAK

I have finally had a further reply:

We will update the withdrawal form and introduce a withdrawal limit (limited to the amount of available reserves), once again we apologize for the inconvenience

Still no meaningful explanation.

As i said, i have either been treated with contempt or exploited to provide risk-free profit for them. I guess i will never know as they seem incapable or unwilling to provide a response of more than 25 words.

A friend suggested that if they are no longer dealing with Mt Gox, maybe they are restricting themselves to using `clean` mined ie freshly minted bitcoins, and therefore have a very modest  and limited supply. Or that is just an excuse to rip off customers.

Good luck if you continue to use them!

LAK

They are OK. THe problem is with the `pay` bit.

Hello Open4Lies

Thanks for the reply.

Oh, i agree entirely that my last point is entirely speculative, and possibly a little paranoid. But their reluctance to provide me with any sort of explanation beyond repeating the 1 line `We didnt have enough BTC` filled me with suspicion. Why not just provide me with a cogent explanation rather than trying to fob me off with just a few words?

I have asked repeatedly for an explanation - it is quite beyond me why they didnt just explain properly.

LAK

Hi

I have been having problems with OK Pay too. I just posted about it actually:

https://bitcointalk.org/index.php?topic=231037.msg2436884#msg2436884

I requested a withdrawal of 500BTC on Sunday and they quoted me a USD exchange rate and everything looked OK - at first. Then I noted the payment was still pending 2 hours on and the BTC hadnt arrived in the wallet as i ordered. So i open a ticket and wait.

18 hours later I get an email telling me the transaction has been reversed with this rather non-sensical `explanation:`

Reason:
not enough btc to complete your request

So i chase the ticket and though I have now had 3 replies from OK Pay, each is about 1 line offering the same odd explanation.

Although the USD has been credited back to my wallet now, i had several problems with this

1. Why they accepted the order in the first place if somehow they `didnt have enough bitcoin` to fill it
2. Why they took 18 hours to notify me of it, preventing me from taking alternative action
3. the USD in my Wallet were unavailable for that time preventing me from taking alternative action
4. Bitcoin has now moved against me so when i do make the transaction it will cost me 12% more - so a 6k loss.
5. I have received no sufficient cogent explanation about why they couldnt make the order they accepted. They use the Mt Gox exchange dont they to transact bitcoin to flll customer`s orders? Isnt that why their exchange rates are so uncompetitive? Because they need to meet their own costs and the exchanges costs and have a margin to protect against volatility? Otherwise are their uncompetitive rates just profiteering?
6. It seems to me this sort of action could be the cover for a scam. If they take orders, then delay actioning them for days, if BTC moves against the customer then they just complete the order late, and he has little to complain about. If BTC moves with the customer then they just reverse the transaction with some lame explanation (not enough bitcoin)  and keep the transaction on their own account, thereby making 6k risk free effectively with my capital.

So much for their strap line that money paid is money paid! This is the 3rd transaction of mine they have reversed and I have only made 5 or 6 transactions with them in total!

LAK

Hello Acne

so you haven`t had any similar problems to me? I am pleased for you as it is pretty frustrating, and extremely expensive. This latest event has cost me 6k or so.

I can see many complaints on the inter-web about OK Pay not actioning requests for withdrawals and not crediting accounts with funds transferred in, but I cant see anything like this bizarre and rather agrammatical message i received below:

Reason:
not enough btc to complete your request

And their unwillingness to provide a more full explanation (by which i mean anything more than a sentence smacks, as I said, of either contempt for their customers or them hiding something.

Hope you dont have any problems like I have had. You might not be so sanguine when a transaction of yours gets reverse after 24hrs. Anyone else run into any problems with OK Pay?

LAK

I have now had 3 replies from OK PAY and each one is around 1 line long and just repeats that they had insufficient BTC to make my payment.

They seem entirely unwilling to explain what this means - i thought they used Mt Gox or some other exchange to make conversions.

I seem to be unable to get any more information from them, and they seem uninterested in the fact that this will cost me 12% or so extra as the BTC price has moved against me while they effectively confiscated my USD for a transaction they now claim they couldn`t fulfill and knew they couldnt fulfill even when they quoted me a price and left me waiting for 18 hours for a reply or any notification at all.

I am not very pleased, and am awaiting a better explanation and response.

Is it just me who keeps having problems with OK PAY?

LAK

I posted a couple of months ago about 2 reversed transactions I had with OK Pay. Basically 2 payments I made of 800BTC or so to OK Pay from my bitcoin wallets were `reversed` but i neither received the USD value in my OK Pay Wallet nor the BTC back in my Blockchain wallets. The money just vanished into the ether..... somewhat unnervingly! Well, after a week or so OK Pay replied to the tickets i raised about this and rectified the transactions, so i was at least satisfied with that.

Now I have had a further problem.

I placed a withdrawal order with OK Pay for 500BTC or so (which was amply covered by clearer USD funds they had of mine on account.) They quoted a price of 93USD but the transaction remained `pending` for some hours. I raised a support ticket but no answer.

Then I get an email 18 hours or so later saying this transaction has been reversed too! It is probably only my 5th transaction with OK Pay. Do they reverse EVERY transaction? There were 7 words of explanation - that they didnt have enough BTC - whatever that meant. Surely they buy BTC to cover the transfers through exchanges like Mt Gox? And they poor exchange rate (always higher than the exchanges) i assumed reflected their costs for hedging the risk and other charges.

So i chased the ticket but still no explanation.

It is difficult to escape the feeling that as the price has moved up since i placed the order, that i am being `reversed` so the order can be on their account, not mine, and they can close out the trade. If the market had moved in the other direction and BTC was down further, then my transaction would have been completed and actioned and the BTC with a current lower USD value would be handed to me.

The whole thing smacks of either 1. incredibly bad service compounded by treating their customers with contempt or 2. a scam

I have now had 3 problem transactions out of maybe 5 transactions in total with them. Has anyone else had a similar experience?

LAK

Yes, i received 2 emails from OK Pay confirming the transactions. Here is an extract from 1 of them copied below:


An incoming BitCoin deposit was received on your name.

Deposit in the amount of 1***** USD has been successfully completed.
Comments:
**** BTC Ex 105.802778 USD (************************)

View the details of this transaction online at:
https://www.okpay.com/en/account/txn/1898403/

If you will have any additional questions, please refer to the Support Service.

Yours sincerely,
OKPAY Team

Obviously I feel a bit better about the fact the transaction has been reversed this morning as the price of bitcoin has recovered, but the transactions have still not actually been reversed, and I have still not received any bitcoin back.

Considering tens of thousands of USD have gone missing i would hope OK Pay would address this quickly but not response yet.

Has anyone else had this problem with OK Pay?

Yesterday, before the Mt Gox exchange halted trading, i made 2 payments from 2 of my blockchain accounts to my OK Pay wallet. The transactions were confirmed in the blockchain accounts and the deposits were pending in the OK Pay accounts.

24 hours later, (earlier tonight) I receive 2 emails (exert below) notifying me these 2 transactions have been `reversed` with no explanation as to why.

Unfortunately, the money transfer you have received: Transaction ****** was sent back to the sender.

Reason:
other

I check my 2 block chain accounts and no BTC has been sent to these 2 accounts. Both accounts are empty. So clearly the transactions have not been reversed.

It is a Friday night, there is no answer on OK Pay`s telephone help line, and as yet the ticket i have raised has not been dealt with.

It feels like 80,000USD has been stolen from me. Even if i get the bitcoin i doubt i will be able to sell them at even 2/3 of the rate last night. After sending bitcoin to OK pay I am in the worst possible situation - no fiat cash, and no bitcoin, and just a screen shot of a blockchain account and the hope a British Virgin Islands company will honour its commitment when i can get in touch with them.

I imagine this isnt just happening to me. Anyone else had this problem?

LAK