Mt.Gox - Temporary suspension of all GBP Deposits via Barclays

[Mt.Gox_Alex]

https://mtgox.com/press_release_20120925.html

TOKYO - JAPAN - September 25, 2012

It is with regret that we have to inform our British users that you will no longer be able to deposit British Pounds (GBP) to our Barclays bank account from now on.

While we have not yet been formerly contacted by Barclays or any of its representatives, we are as for today, unable to accept any GBP deposits into our Barclays account. Rest assure that we are doing our best to get to the  bottom of this situation as well as being able to resolve this matter one way or another with Barclays or via other British and/ or European Banks.
      
Meanwhile, please note that you can still use our Polish EUR Bank account for both Deposits and Withdrawals as well as our Japanese GBP account for deposits and withdrawals (additional fees may apply).
      
On Behalf of the entire Mt.Gox team, please accept our apologizes for any inconvenience this temporary suspension of GBP deposits may have caused.

Regards
Mt.Gox Co. Ltd Team.

Media Contacts
press@mtgox.com

[davout]

So, when are you guys getting a proper financial license ?

[Mt.Gox_Alex]

So, when are you guys getting a proper financial license ?

Believe it or not... We are working on it, and unlike other services our situation is really different, still we hope to have some nice stuff to announce at one point and others before the end of this year (Hopefully)

[davout]

So, when are you guys getting a proper financial license ?

unlike other services our situation is really different

is it ?

[Stephen Gornick]

There was a thread just posted asking for a survey of exchanges in the UK, so I thought I'ld share that link here:

 - http://bitcointalk.org/index.php?topic=112683.0

[Lethos]

This is really starting to be a damning blow for UK users of bitcoin, if exchanges trying to operate in the UK can't get their ducks in a row and end up being shut down because they didn't.

That is the way I see it with every exchange which tries to have a presence here, am I really that far off?

[MPOE-PR]

So, when are you guys getting a proper financial license ?

Probably just as soon as either the measly income from fees arrives at the range of compliance costs or else as soon as someone sinks a couple hundred million GPB worth of investment into MtGox.

[davout]

So, when are you guys getting a proper financial license ?

Probably just as soon as either the measly income from fees arrives at the range of compliance costs or else as soon as someone sinks a couple hundred million GPB worth of investment into MtGox.

Compliance can be much cheaper than that.

[MPOE-PR]

So, when are you guys getting a proper financial license ?

Probably just as soon as either the measly income from fees arrives at the range of compliance costs or else as soon as someone sinks a couple hundred million GPB worth of investment into MtGox.

Compliance can be much cheaper than that.

Sure, I was just saying there's minimum capital requirements to become a bank.

[davout]

So, when are you guys getting a proper financial license ?

Probably just as soon as either the measly income from fees arrives at the range of compliance costs or else as soon as someone sinks a couple hundred million GPB worth of investment into MtGox.

Compliance can be much cheaper than that.

Sure, I was just saying there's minimum capital requirements to become a bank.

You don't need to become a bank to become compliant.

[Yolocoin]

What does this shut down mean for GLBSE's chances at "going legit"?

[Stephen Gornick]

What does this shut down mean for GLBSE's chances at "going legit"?

Are you asking what does Mt. Gox is having trouble with their bank mean for a BTC-only business looking for approval by the UK securities regulator?

That's like asking what an auto manufacturer recall will mean for a restaurant about to undergo a visit from the health inspector.

[MPOE-PR]

What does this shut down mean for GLBSE's chances at "going legit"?

Are you asking what does Mt. Gox is having trouble with their bank mean for a BTC-only business looking for approval by the UK securities regulator?

That's like asking what an auto manufacturer recall will mean for a restaurant about to undergo a visit from the health inspector.

From leaked information it would appear Nefario is in no way seeking to "become compliant". He has simply retained the services of a company registration firm such as mynewcompany.com for a modest fee, and is looking into but hasn't yet completed some form of LLC registration.

It is possible that in his mind this amounts to "having become compliant", but in the real world outside the insane asylum it'd be the rough equivalent of entering the race of President of the US by means of spraying a graffiti announcement on the south wall of temporary shelter.

[Yolocoin]

What does this shut down mean for GLBSE's chances at "going legit"?

Are you asking what does Mt. Gox is having trouble with their bank mean for a BTC-only business looking for approval by the UK securities regulator?

That's like asking what an auto manufacturer recall will mean for a restaurant about to undergo a visit from the health inspector.

If MtGox can't even keep a bank account open in the UK, what makes you think GLBSE will be able to get any kind of approval on business licensing for a commodities exchange that sells shares in virtual currency?

[Stephen Gornick]

If MtGox can't even keep a bank account open in the UK, what makes you think GLBSE will be able to get any kind of approval on business licensing for a commodities exchange that sells shares in virtual currency?

Well, for one, money transmitter and aml regulations are not the same thing as securities regulations.

For another, Mt. Gox didn't share why Barclay's suspended their account.  Barclay's is a private bank, and if they wish to tell Mt. Gox to go elsewhere, that is certainly within their purview.  You can't assume that a bank action has to do with some regulation.

[davout]

Well, for one, money transmitter and aml regulations are not the same thing as securities regulations.

Wow wow, hold on a minute there
Last time I checked, mtgox wasn't licensed with the FSA (or any other similar body for the matter)
And I doubt that GLBSE would be subject to any kind of securities-related laws, at least not before bitcoin gets defined as money.

I would assume that the mtgox account got closed (I doubt it's actually 'suspended') because they're having the same problem as with the CIC in France. Probably the equivalent in the UK of the "unlicensed banking business" charges they had to face in France.

They're lucky that their Polish bank doesn't seem to care.