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Author Topic: MtGox withdrawal delays [Gathering]  (Read 880968 times)
Nagle
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August 13, 2013, 09:51:26 PM
 #621

Please tell us more about the laws and regulations against money laundering in Japan.  What are the limits and what is MtGox required to report?  When are they required to be more careful?
Overview, from Japan National Police Agency
Poster version of law
Text of Act on Prevention of Transfer of Criminal Proceeds

There are requirements for account holder verification when opening an account. That's the big one. There's a record-keeping requirement. There's a requirement to report "suspicious transactions". There are thresholds at Y100,000 and Y2,000,000 which require extra reporting. Transfers to and from Iran and North Korea are consider "suspicious". The link to the poster above shows what's required for what. Verification requirements for foreign parties are a bit painful, but Mt. Gox has been doing that.

None of this involves asking for permission from any Government agency before a money transfer. It's all reporting.
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August 13, 2013, 10:11:47 PM
 #622

Can anyone confirm this conversation?  If this is true, then we need to escalate this to a major news source.  Gox needs to be outed for the fraud that it really is.
I can confirm it - it's on my screen now in the #mtgox channel on freenode.

[07:40] * cyro432 has joined #mtgox
[07:40] <cyro432> MagicalTux, people in this forum are saying they are going to go to SEC over not receiving money
[07:40] <cyro432> https://bitcointalk.org/index.php?topic=179586.500
[07:41] <Title> [ MtGox withdrawal delays [Gathering] ]
[07:41] <DBordello> MagicalTux, that would be great.  I am sure it'd help reduce the load
[07:42] <cyro432> I am aware of a number of delayed wire transfers over 3 weeks old
[07:42] <@MagicalTux> cyro432: not much we can do right now because of US govt
[07:44] * torment has joined #mtgox
[07:49] * sheldonthomas has joined #mtgox
[07:53] <phantomcircuit> cyro432, irony of ironies going to the us gov to fix a problem they largely created

The differences in time shown here are due to the IRC program displaying local time. My timezone is GMT+7, Bangkok time.
Whoa, alright time to hit up some media contacts everyone! 
I don't get it.  What is new here?  The Dwolla seizure has been known for a while.  Have you been living in a cave for the last three months?

No.  What Karpeles is confirming is that the USD withdraws are being halted by the US gov.  NOT due to problems with Mt.Gox's banking connections, which they have used as an excuse the last 2 months.  This essentially means that USD withdraws will not resume for quite some time, if ever.   

I thought their dwolla acct was seized due to non MSB compliance in the US which Mark lied about over a year ago about.

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August 13, 2013, 10:22:39 PM
 #623

Can anyone confirm this conversation?  If this is true, then we need to escalate this to a major news source.  Gox needs to be outed for the fraud that it really is.
I can confirm it - it's on my screen now in the #mtgox channel on freenode.

[07:40] * cyro432 has joined #mtgox
[07:40] <cyro432> MagicalTux, people in this forum are saying they are going to go to SEC over not receiving money
[07:40] <cyro432> https://bitcointalk.org/index.php?topic=179586.500
[07:41] <Title> [ MtGox withdrawal delays [Gathering] ]
[07:41] <DBordello> MagicalTux, that would be great.  I am sure it'd help reduce the load
[07:42] <cyro432> I am aware of a number of delayed wire transfers over 3 weeks old
[07:42] <@MagicalTux> cyro432: not much we can do right now because of US govt
[07:44] * torment has joined #mtgox
[07:49] * sheldonthomas has joined #mtgox
[07:53] <phantomcircuit> cyro432, irony of ironies going to the us gov to fix a problem they largely created

The differences in time shown here are due to the IRC program displaying local time. My timezone is GMT+7, Bangkok time.
Whoa, alright time to hit up some media contacts everyone! 
I don't get it.  What is new here?  The Dwolla seizure has been known for a while.  Have you been living in a cave for the last three months?

No.  What Karpeles is confirming is that the USD withdraws are being halted by the US gov.  NOT due to problems with Mt.Gox's banking connections, which they have used as an excuse the last 2 months.  This essentially means that USD withdraws will not resume for quite some time, if ever.   

I thought their dwolla acct was seized due to non MSB compliance in the US which Mark lied about over a year ago about.

[07:42] <cyro432> I am aware of a number of delayed wire transfers over 3 weeks old
[07:42] <@MagicalTux> cyro432: not much we can do right now because of US govt

He is talking about the current situation, not Dwolla in May.  The date of that conversation was July 24th. 
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August 13, 2013, 10:30:15 PM
 #624

I can't help thinking that MtGox's bank are covering themselves against potential SWIFT recalls from US based depositing banks.

Sending banks can recall a wire whenever thay want by the looks of it - just like a credit card chargeback.

This is obviously just a guess.
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August 13, 2013, 10:58:18 PM
 #625

I can't help thinking that MtGox's bank are covering themselves against potential SWIFT recalls from US based depositing banks.

Sending banks can recall a wire whenever thay want by the looks of it - just like a credit card chargeback.

This is obviously just a guess.

Hmm good theory. 
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August 13, 2013, 11:24:17 PM
 #626

everyone blames Gox- and to be fair they have had their fare share of fuckups

however, the other exchanges are TOO SMALL at the moment to be facing the same problems mtgox has been facing.
once they "take over" they would be in the EXACT same situation.

part of the problem IS gox. a huge portion of the problem is the traditional banking system - this needs to be addressed correctly by the WHOLE industry. only then will the problems decrease

ok
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August 14, 2013, 12:02:50 AM
 #627

everyone blames Gox- and to be fair they have had their fare share of fuckups

however, the other exchanges are TOO SMALL at the moment to be facing the same problems mtgox has been facing.
once they "take over" they would be in the EXACT same situation.

part of the problem IS gox. a huge portion of the problem is the traditional banking system - this needs to be addressed correctly by the WHOLE industry. only then will the problems decrease

LOLZ so what you are saying is that the entire system is messed up and that it has to conform to Bitcoin exchanges?  Gox is the lone problem, with a small fraction of bad luck. 
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August 14, 2013, 01:26:36 AM
 #628

I'm glad I bailed on Gox when I did...after the Dwolla seizure.  It isn't their fault but the US gov't is targeting them and you probably can't win that battle, long-term.
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August 14, 2013, 02:45:59 AM
 #629

Ok, so I just encountered the "invalid bitcoin address" message when trying to make a withdrawal to a blockchain.info wallet...

Tried a smaller withdrawal with another address on my desktop bitcoin wallet...Success.

Try the original amount with the same desktop wallet address...Invalid bitcoin address.

Try with other addresses from my desktop wallet...Invalid bitcoin address.

Create new blockchain wallet, try with smaller amount...success.

Try original amount with new blockchain wallet...success.

Huh?

Not sure if they're overloaded, resolved itself, or blocking withdrawals on purpose...but not feeling very good right now.

Bank Bitcoin run, anyone?
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August 14, 2013, 05:43:08 AM
 #630

Ok, so I just encountered the "invalid bitcoin address" message when trying to make a withdrawal to a blockchain.info wallet...
...
Not sure if they're overloaded, resolved itself, or blocking withdrawals on purpose...but not feeling very good right now.
It's striking how many things go wrong when Mt. Gox is supposed to pay out, isn't it.
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August 14, 2013, 06:27:55 AM
 #631

Ok, so I just encountered the "invalid bitcoin address" message when trying to make a withdrawal to a blockchain.info wallet...
...
Not sure if they're overloaded, resolved itself, or blocking withdrawals on purpose...but not feeling very good right now.
It's striking how many things go wrong when Mt. Gox is supposed to pay out, isn't it.

Ya.  It is.  I only recently became interested in cashing some fraction of my holdings so I tried to get verified.  Mt Gox rejected my verification on some pretty bogus reason (my ID contained a P.O. Box IN ADDITION to my physical address as is common in my area.)  They either overlooked something or are making excuses to limit withdraws or avoid US customers or something.

But anyway, looking at the divergence in spot on the different exchanges for the first time in a while, I have to conclude that with the price so much higher on Mt. Gox, people are paying a premium to use other services for obtaining fiat.  So the problems may be significant.  Whatever the case I thought it prudent to withdraw some of the BTC I had with them while I wait for a response to my verification issue and look around for other options.  Here's what happened:

I received a transfer ID before I hit the submit button.  When I did, I got a red error message saying: "Limit reached or not enough bitcoins in your account."  Non-the-less the entire amount (around 50BTC) did to to my working blockchain.info wallet.  The 'beep' from blockchain.info happened immediately and it's labeld 'unconfirmed' at the moment (about 10 minutes after the fact.)  I had selected to pay a transaction fee.  I did not select 'green address', and blockchain.info shows 4 addressed from which the payout originated.

I would have thought that Mt. Gox would have some of these UI bugs by this time which is what this looks like to me.  Oh well.


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August 14, 2013, 08:30:59 AM
 #632

[07:42] <cyro432> I am aware of a number of delayed wire transfers over 3 weeks old
[07:42] <@MagicalTux> cyro432: not much we can do right now because of US govt

He is talking about the current situation, not Dwolla in May.  The date of that conversation was July 24th. 
So you don't think the shutdown of Dwolla increased the load of USD withdrawals via their bank?  Interesting.  Why?

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August 14, 2013, 08:36:15 AM
 #633

I thought their dwolla acct was seized due to non MSB compliance in the US which Mark lied about over a year ago about.
Did Mark ever claim MtGox was MSB compliant in the US?  They relied on Dwolla, which is (or claims to be) and banks (which are).  Then DHS came about and declared Mutum Sigillum a threat to USSA homeland security due to some technicality in how MtGox transfer USD to and from Dwolla.  See: http://numismatics.pwnz.org/15may-dhs-seizure-of-mtgox-funds-held-by-dwolla/

Sjå https://bitmynt.no for veksling av bitcoin mot norske kroner.  Trygt, billig, raskt og enkelt sidan 2010.
I buy with EUR and other currencies at a fair market price when you want to sell.  See http://bitmynt.no/eurprice.pl
Warning: "Bitcoin" XT, Classic, Unlimited and the likes are scams. Don't use them, and don't listen to their shills.
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August 14, 2013, 09:00:49 AM
 #634


Ya.  It is.  I only recently became interested in cashing some fraction of my holdings so I tried to get verified.  Mt Gox rejected my verification on some pretty bogus reason (my ID contained a P.O. Box IN ADDITION to my physical address as is common in my area.)  They either overlooked something or are making excuses to limit withdraws or avoid US customers or something.
...

Just an update in fairness to Mt. Gox:

They again rejected my documentation, but when I pointed out in a rather frustrated note that the docs complied with all of their requirements, they sent positive response.  My best guess is that they mostly overlooked the fact that all my documentation actually did contain a street address and my suspicion that they were actively avoiding taking on new US customers is probably not the case.

The correspondence I've had with Mt. Gox's AML team has vastly exceeded my expectations in terms of how quickly they have gotten back to be with both rejections, and with the eventual acceptance.


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August 14, 2013, 09:47:13 AM
 #635

Here's what happened:

I received a transfer ID before I hit the submit button.  When I did, I got a red error message saying: "Limit reached or not enough bitcoins in your account."  Non-the-less the entire amount (around 50BTC) did to to my working blockchain.info wallet.

 ...

I would have thought that Mt. Gox would have some of these UI bugs by this time which is what this looks like to me.  Oh well.


You were not supposed to click on the Submit button as you had already withdrawn your coins. They should change the UI to not display the button after the screen refresh.
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August 14, 2013, 10:06:33 AM
 #636

Here's what happened:

I received a transfer ID before I hit the submit button.  When I did, I got a red error message saying: "Limit reached or not enough bitcoins in your account."  Non-the-less the entire amount (around 50BTC) did to to my working blockchain.info wallet.

 ...

I would have thought that Mt. Gox would have some of these UI bugs by this time which is what this looks like to me.  Oh well.


You were not supposed to click on the Submit button as you had already withdrawn your coins. They should change the UI to not display the button after the screen refresh.

Ah!  I suppose I had hit the enter key and that had the same effect as the submit button.  I was scratching my head a bit on how the transaction ID showed up prior to submitting the transfer and thought it must be a part of an internal hot-wallet transfer or something.  But I didn't think that much about it.  blockchain.info beeped about 0.25 seconds after I hit the submit button.  I guess that was just happenstance but it threw me off as it seemed related due to the timing.

I'd say that not only should the button go away, but the text associated with an error of transferring 0.0 BTC to a null address should be different.  Neither potential problem given in the error message is appropriate for this issue.


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August 14, 2013, 10:13:09 AM
 #637

I'd say that not only should the button go away, but the text associated with an error of transferring 0.0 BTC to a null address should be different.  Neither potential problem given in the error message is appropriate for this issue.

I totally agree. It should only be an hour's work for a developer. But I don't see them fixing this for a long, long time.
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August 14, 2013, 11:02:57 AM
 #638

It's now been 1 week since I requested a JPY Domestic Withdraw. It is for 10k Yen and still shows as "Confirmed."

So it does not appear that their SWIFT limit is the problem.

Also, 10 SWIFT transfers a day is BS, I've sent more than that in a day (I don't routinely do it, but nobody at my bank cares if i want to make 10 SWIFT transfers...).

Just to confirm once again, I have USD SWIFT Wire pending since 6/17 (6 figures), EUR SWIFT to Poland, EUR SEPA to Poland, and JPY to domestic japanese bank.

NONE of these have come through yet.

I'm going to go ahead and cancel a few of my withdraws and just take the hit to withdraw bitcoin. I don't see the situation at gox getting any better.

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August 14, 2013, 11:49:01 AM
 #639

I have cancelled all withdrawals  as none of them went through for 3 months.
Back into BTC, then all BTC withdrawn yesterday out of MtGox and now I am done with them.
For me mtgox is dead as of today.

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August 14, 2013, 11:52:20 AM
 #640

I have cancelled all withdrawals  as none of them went through for 3 months.
Back into BTC, then all BTC withdrawn yesterday out of MtGox and now I am done with them.
For me mtgox is dead as of today.

Where will you trade now ?
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