Is it true that you can't withdraw more than $1000 per day from MtGox?

[Neyo]

Is it true?

[wareen]

Is it true?

Indeed!
The limits are 1000$/day and 10000$/month unless you provide some official identification to MagicalTux (email him for details).
Note that the limits also account for BTC withdrawals (at their current USD equivalent)!

[Neyo]

What kind of personal identification would he need? Why does he need personal identification, is it becauseof US legislation? If I gave it to him, would I be able to withdraw any amount?

[wareen]

What kind of personal identification would he need? Why does he need personal identification, is it becauseof US legislation? If I gave it to him, would I be able to withdraw any amount?

Driver's license, passports or similar will do.
To my knowledge, your limits will be increased (not removed) based on some evaluation of your personal risk-profile.

As for the details I suggest you contact them directly: info@mtgox.com

[Jack of Diamonds]

I increased the limit by a few thousand after sending in passport scans.

Not that I use that option often, but running costs on a mining farm are a bitch. It comes handy when you need to sell off some BTC now & not on a 5 day spread.

Don't even see why people would use darkpools for selling if their limit was so low, I'm betting at least a few % of Mt.Gox customers have limits in the higher 4 or low 5 digits.

[Stephen Gornick]

is it becauseof US legislation?

The exchange is based out of Japan.  Businesses there too have anti-money laundering restrictions in which this Know Your Customer requirement applies.

[JellyfishRancher]

Does TradeHill have a similar limit?

[tymothy]

I got my limit upped to $10000 after I emailed a copy of my DL.

[Bind]

what possible fraud is there if you want your BTC's.

I mean the BTCs are yours . (period)

there is no middle ground as each transaction is perminent and irreversible.

unless they are doing something nefarious and really dont have 100% of reserves on hand in case there is a run on the exchange.