MtGox withdrawal delays [Gathering]

[sirk390]

This looks like a the contradiction between what ivanb and MagicalTux say:

SEPA test withdraw of 101€ from 05.08.2013 arrived today!
Larger EU withdrwas of 700 - 1000 € didnt arrive after 5 weeks of waiting, so I canceld it.

14:19 <@MagicalTux> those wires are processed in received order, nothing else

[uuidman]

Mark's explanation makes sense. Thanks.

This is much much better than saying nothing about withdrawals in section of press release titled "Deposits and Withdrawals".

I agree, it was missing. Being open about things is much better. Thanks.

[de_xt]

No more GOX for me!

Just a quick note to all the MtGox detractors out there :

Whatever happens first to MtGox will surely happen to the rest of the exchanges at some point in the future.

Any exchange that grows large enough to be useful will experience all sorts of problems - just like MtGox.

This applies to things like trade engine lag as well as banking problems. Just try using cryptsy when it's really busy - it grinds to a halt.

But given these limitations that most banks impose to  bitcoin exchanges, how can forex traders overcome them?

According to a recent press release, TheRockTrading is acquiring a forex license and completely change their bussiness model. Perhaps this is the way to go for most exchanges...

[ANX_Service]

If you're looking for an alternative, ANX.HK processes bank wire deposits and withdrawals on a weekday daily basis.  It's also commission free trading until the end of August.  

[samson]

Perhaps wires could be sent through a third party like ukforex.co.uk

This is a company that facilitates wire transfers via it's own money reserves often giving better exchange rates than you could otherwise expect.

Perhaps they would be interested in receiving one large wire from MtGox and then splitting it up into many smaller wires for onward payment. Something like this would be worth investigating.

A fully licensed third party partner like this could help to alleviate the current problems until the banking situation is fixed.

http://www.ukforex.co.uk/about-us/legal

A company I do some work for uses the above company to send tens of thousands of USD between the US and UK every month and have been using them since last year sometime.

Wire transfers are their business, someone at MtGox should check them out.

[zeroblock]

Let me just go ahead and rip this ridiculous excuse for an answer. 

Here are some new IRC quotes for you, reordered for readability:

Code:

13:43 < sturles> SEPA has been delayed for as long as I can remember.  I wish 
                 MtGox had more SEPA banks, but they generally don't like 
                 Bitcoin buisnesses.  Perhaps the one in Slovenia which 
                 Bitstamp is using could be worth a try?  Could be troubled 
                 with the same issue, of course.
13:48 <@MagicalTux> sturles, we already applied to that one
13:53 < sturles> MagicalTux: Great!  Lower SEPA delays would do wonders!  In 
                 fact all good news regarding delays would be wonderful at this 
                 time..
13:54 <@MagicalTux> sturles, we've been reducing SEPA delay day by day
13:54 <@MagicalTux> things are much better than one month ago
13:54 < sturles> Have your limits increased?
13:54 <@MagicalTux> nope

This is great news!

That is not great news, sounds like the Slovenia bank rejected their application.  Also, their limits have not increased.  This is bad news.

Code:

13:50 < samson_> MagicalTux: Would you say we're facing a banking embargo on 
                 the entire Bitcoin business ?
13:51 <@MagicalTux> samson_, things are not easy, but it's far from what you 
                    could qualify as "embargo"
13:51 < samson_> ok thanks

Difficulties (we know that from many countries, e.g. UK), but no organized embargo.

I don't think he is going to go "yep, no bank wants to do business with us" (for some lolz, please refer to previous answer in section above).  He skirts around the question by directly referring to "embargo" rather than the difficulties they are facing, which he has confirmed prior<@MagicalTux> cyro432: not much we can do right now because of US govt"

Code:

13:58 < sturles> Btw, there are roumous now that USD withdrawals are somehow 
                 blocked entirely.  Is there any truth to that?  Some people 
                 intepret this as "US government are blocking all USD 
                 withdrawals": <@MagicalTux> cyro432: not much we can do right 
                 now because of US govt
13:59 <@MagicalTux> sturles, "blocked" is not the correct word
14:00 < sturles> What is the exact problem then?  You can see here how the 
                 speculations go: 
https://bitcointalk.org/index.php?topic=179586.msg2918767#msg2918767
14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem 
                    (doing so would only make things worse)

That's no explanation of the problem, but explains the lack of news.  For other currencies:

I don't see how this answer doesn't scare the hell out of you.  And you brush it off like its an acceptable reply.  "Not allowed to talk about the exact problem" that is by far the worst excuse for lack of transparency.   

Code:

13:58 < SleepersTide> MagicalTux: Are Australian bank transfer withdrawals 
                      being processed normally?
13:58 < SleepersTide> (also how long do those take?)
14:00 <@MagicalTux> SleepersTide, right now all SWIFT transfers are processed 
                    up to the limits of our current bank (up to 10 transfers 
                    per day - we should be able to increase that as soon as we 
                    have more banking partners ready - it's taking longer than 
                    expected because of the time required by the people at the 
                    bank to understand our business)
14:10 < sturles> MagicalTux: Why only 10 SWIFT transfers per day?  Is that 
                 commonplace for customers in your bank?
14:12 <@MagicalTux> sturles, most companies in Japan will do one, maybe two 
                    SWIFT transfers a month to providers overseas (actually 
                    most will do zero)14:14 < Delerium> when you say transfers per day you mean 10 swift runs 
                  (containing LOADS of transfers within) or literally just 10 
                  transfers
14:16 <@MagicalTux> Delerium, literal
14:17 <@MagicalTux> when we were in the second largest bank in Japan, we 
                    represented more than half of all the volume of SWIFT 
                    processed by that bank (almost overloading their systems a 
                    couple of times)

With only 10 withdrawals per day in all other currencies than JPY and EUR, it is going to take time.  And he confirms again that MtGox are in fact overloading their bank.  The discussion is still going on, btw.  About ordering and more about transparency:

"Its taking longer than expected... [for] the people at the bank to understand our business."  I just don't know what to say at this point. I mean to expect me to believe that it takes 2-3 months for very intelligent individuals at a bank to understand how Bitcoin works is difficult.  And that they overloaded the second largest bank in Japan is extremely hard to believe. 

 

Code:

14:17 < rfish> MagicalTux:  I think you owe it to customers to make the numbers 
               of swift transfers you are doing per day more public and explain 
               the reasons
14:18 <@MagicalTux> rfish, rather than spending time on this, fixing it is 
                    likely going to bring more on the long term
14:18 < rfish> MagicalTux: And you should be fair about which you do, like 
               wires greater than X amount, in the order they are received
14:19 <@MagicalTux> those wires are processed in received order, nothing else

"<@MagicalTux> rather than spending time on this, fixing it is likely going to bring more on the long term"

Ok, well in the 30 seconds you spend reviewing your press releases, maybe you should insert some truth somewhere. This is a different statement than before "<@MagicalTux> Not allowed to talk about the exact problem" instead he shifts the blame to being "too busy."

"<@MagicalTux> those wires are processed in received order, nothing else"

This is in direct contradiction to what MagicalTux posted a few weeks ago where he said that "5 digit or more" wires were taking priority.  I'm done. No further explanation necessary.  Let everyone decide for themselves whether or not they believe any word that comes out of Gox's mouth.   

July 24, 2013:
[14:45] <@MagicalTux> right now we're giving priority to larger transfers
[14:45] <racerx> please define "larger"
[14:46] <@MagicalTux> 5 digits or more

https://bitcointalk.org/index.php?topic=179586.340

For some more hilarious content please see the rest of the conversation:

[14:51] <@MagicalTux> [22:49:57] <nutcase> and only wire transfers are working for US people right MagicalTux? <- at this point, yes. We are working on US domestic solutions however
[14:52] <nutcase> okay cool thanks MagicalTux
[14:52] <racerx> so wires to the rest of the world are just on hold until further notice?
[14:53] <nutcase> the wires to the rest of the world never got stopped afaik
[14:54] <@MagicalTux> it's not on hold, just processing slowly
[14:54] <racerx> nutcase: that was the communication in the press release, but gox support are using the USD hiatus as the reason why my wires are pending with no ETA
[14:54] <@MagicalTux> we're working with our banking partners to increase the throughput of outgoing wires
[15:00] <racerx> MagicalTux: I apprecaite your input but I hope you can understand the concerns we/I have. So many reports of outgoing wires (bitcointalk.org) not being transfered in any logical order and everyone is being strung along by support
[15:01] <EPiSKiNG-> MagicalTux = BEST
[15:01] <EPiSKiNG-> MtGox = BEST!

And EPiSKiNG is the only one who posted a USD withdraw for the bounty... hmm.

https://bitcointalk.org/index.php?topic=251895.160

[ajk]

I do not have a MTgox account, however, for what its worth since Ive known about MTgox, which was around the time of the 32-2 first crash, Mr. Karpeles has never lied about anything that was ongoing or not ongoing with his company. He simply has to much on the line to lie and get caught.

MTgox having banking troubles is both scary and good considering that the workload is now being diversified to other exchanges, simply put most of the FUD is created by users. I also bet that most of the people complaining are probably the smaller withdraws (under 5,000 any currency).

if you dont want to wait simply do not use MTgox but Mr. Karpeles runs an honest operation and has always done the best that he could with the situations he is handed,

[malevolent]

I got scared a bit when I read that people's bitcoin withdrawals were not going through so I decided to withdraw my remaining bitcoins from Mt.Gox, I did it in a few separate transactions in case withdrawing the whole lot would trigger an account blocking and a request for submitting documents I do not want to submit. Fortunately all ended well and I got my BTC.

MTgox having banking troubles is both scary and good considering that the workload is now being diversified to other exchanges, simply put most of the FUD is created by users. I also bet that most of the people complaining are probably the smaller withdraws (under 5,000 any currency).

It was mentioned somewhere earlier that five figure withdrawals are given priority.

[sturle]

This looks like a the contradiction between what ivanb and MagicalTux say:

SEPA test withdraw of 101€ from 05.08.2013 arrived today!
Larger EU withdrwas of 700 - 1000 € didnt arrive after 5 weeks of waiting, so I canceld it.

14:19 <@MagicalTux> those wires are processed in received order, nothing else

You quoted Mark out of context.  SEPA != SWIFT  As I understand it SWIFT transfers are limited by number of transfers, while SEPA is limited by a daily amount.  It only makes sense then to fill the daily SEPA quota with small transfers to maximize their throughput.

[BobLemoine]

My last Mtgox withdrawal arrived today :-)
2013/05/04  745e -> received on 2013/05/07 (3 days)
2013/05/05 1000e -> received on 2013/06/03 (29 days)
2013/05/06 1000e -> received on 2013/07/23 (78 days)
2013/05/07 1200e -> received on 2013/08/01 (85 days)
2013/05/15 2000e -> received on 2013/08/13 (90 days)
Even if these delays are terribles, in my point of view Mtgox is OK
they doesn't lost my money like Mybitcoin did (around 100btc lost).
My wish now is to have the same happy end with bitcoin-24 !
I wish good luck to everyone who wait for withdraw.

[balanghai]

Anymore here experiencing such delay? Makes me think on staying away if this trend goes north.

[sturle]

Here are some new IRC quotes for you, reordered for readability:

Code:

13:43 < sturles> SEPA has been delayed for as long as I can remember.  I wish 
                 MtGox had more SEPA banks, but they generally don't like 
                 Bitcoin buisnesses.  Perhaps the one in Slovenia which 
                 Bitstamp is using could be worth a try?  Could be troubled 
                 with the same issue, of course.
13:48 <@MagicalTux> sturles, we already applied to that one
13:53 < sturles> MagicalTux: Great!  Lower SEPA delays would do wonders!  In 
                 fact all good news regarding delays would be wonderful at this 
                 time..
13:54 <@MagicalTux> sturles, we've been reducing SEPA delay day by day
13:54 <@MagicalTux> things are much better than one month ago
13:54 < sturles> Have your limits increased?
13:54 <@MagicalTux> nope

This is great news!

That is not great news, sounds like the Slovenia bank rejected their application.  Also, their limits have not increased.  This is bad news.

Do you have a source for your claim that the bank in Slovenia rejected their application, or are you making that up?

Reducing SEPA delay is very good news.  SEPA withdrawals have been delayed for weeks and months for as long as I can remember.  The forum threads about SEPA delays are years old.  SWIFT used to be the solution (at a higher fee), and when that ceased to be a solution, the matters got even worse for a while, and are now finally improving.

Code:

13:50 < samson_> MagicalTux: Would you say we're facing a banking embargo on 
                 the entire Bitcoin business ?
13:51 <@MagicalTux> samson_, things are not easy, but it's far from what you 
                    could qualify as "embargo"
13:51 < samson_> ok thanks

Difficulties (we know that from many countries, e.g. UK), but no organized embargo.

I don't think he is going to go "yep, no bank wants to do business with us" (for some lolz, please refer to previous answer in section above).  He skirts around the question by directly referring to "embargo" rather than the difficulties they are facing, which he has confirmed prior<@MagicalTux> cyro432: not much we can do right now because of US govt"

If you lift the rock you live under and look back, you may notice that 40% of all Bitcoin exchanges have either been forced to close or have had serious problems due to banks not wanting them as customers any more.  Banking and Bitcoin have never been good friends. Bitcoin exchanges in Europe are limited to very few banks which are not hostile, and those banks are in countries far from the exchanges.  This should tell you something.

Code:

13:58 < sturles> Btw, there are roumous now that USD withdrawals are somehow 
                 blocked entirely.  Is there any truth to that?  Some people 
                 intepret this as "US government are blocking all USD 
                 withdrawals": <@MagicalTux> cyro432: not much we can do right 
                 now because of US govt
13:59 <@MagicalTux> sturles, "blocked" is not the correct word
14:00 < sturles> What is the exact problem then?  You can see here how the 
                 speculations go: 
https://bitcointalk.org/index.php?topic=179586.msg2918767#msg2918767
14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem 
                    (doing so would only make things worse)

That's no explanation of the problem, but explains the lack of news.  For other currencies:

I don't see how this answer doesn't scare the hell out of you.  And you brush it off like its an acceptable reply.  "Not allowed to talk about the exact problem" that is by far the worst excuse for lack of transparency.   

The USSA are issuing "National Security Letters" by the truckload these days – everybody has at least one – and secret laws, regulations, courts and concentration camps make sure we don't want to talk about it to each other.  This isn't news.  When dealing with the USSA we are not allowed to speak our own opinion.

Code:

13:58 < SleepersTide> MagicalTux: Are Australian bank transfer withdrawals 
                      being processed normally?
13:58 < SleepersTide> (also how long do those take?)
14:00 <@MagicalTux> SleepersTide, right now all SWIFT transfers are processed 
                    up to the limits of our current bank (up to 10 transfers 
                    per day - we should be able to increase that as soon as we 
                    have more banking partners ready - it's taking longer than 
                    expected because of the time required by the people at the 
                    bank to understand our business)
14:10 < sturles> MagicalTux: Why only 10 SWIFT transfers per day?  Is that 
                 commonplace for customers in your bank?
14:12 <@MagicalTux> sturles, most companies in Japan will do one, maybe two 
                    SWIFT transfers a month to providers overseas (actually 
                    most will do zero)14:14 < Delerium> when you say transfers per day you mean 10 swift runs 
                  (containing LOADS of transfers within) or literally just 10 
                  transfers
14:16 <@MagicalTux> Delerium, literal
14:17 <@MagicalTux> when we were in the second largest bank in Japan, we 
                    represented more than half of all the volume of SWIFT 
                    processed by that bank (almost overloading their systems a 
                    couple of times)

With only 10 withdrawals per day in all other currencies than JPY and EUR, it is going to take time.  And he confirms again that MtGox are in fact overloading their bank.  The discussion is still going on, btw.  About ordering and more about transparency:

"Its taking longer than expected... [for] the people at the bank to understand our business."  I just don't know what to say at this point. I mean to expect me to believe that it takes 2-3 months for very intelligent individuals at a bank to understand how Bitcoin works is difficult.  And that they overloaded the second largest bank in Japan is extremely hard to believe. 

See previous note about exchanges closing or getting in serious trouble due to banking trouble.  Are Barclays still sitting on Intersango's GBP?  It is vitally important that the banks understand what MtGox are doing.  Otherwise we'll just end up with even more trouble and locked funds.

 

Code:

14:17 < rfish> MagicalTux:  I think you owe it to customers to make the numbers 
               of swift transfers you are doing per day more public and explain 
               the reasons
14:18 <@MagicalTux> rfish, rather than spending time on this, fixing it is 
                    likely going to bring more on the long term
14:18 < rfish> MagicalTux: And you should be fair about which you do, like 
               wires greater than X amount, in the order they are received
14:19 <@MagicalTux> those wires are processed in received order, nothing else

"<@MagicalTux> rather than spending time on this, fixing it is likely going to bring more on the long term"

Ok, well in the 30 seconds you spend reviewing your press releases, maybe you should insert some truth somewhere. This is a different statement than before "<@MagicalTux> Not allowed to talk about the exact problem" instead he shifts the blame to being "too busy."

I understand that the SWIFT limit is not exactly the same as their USD problem, but this may be a misunderstanding.  At least he explains how they are working to solve their problem with SWIFT transfer limits.  I agree that fixing the problem is more important than talking about it.

"<@MagicalTux> those wires are processed in received order, nothing else"

This is in direct contradiction to what MagicalTux posted a few weeks ago where he said that "5 digit or more" wires were taking priority.  I'm done. No further explanation necessary.  Let everyone decide for themselves whether or not they believe any word that comes out of Gox's mouth.   

July 24, 2013:
[14:45] <@MagicalTux> right now we're giving priority to larger transfers
[14:45] <racerx> please define "larger"
[14:46] <@MagicalTux> 5 digits or more

This has obviously changed.  Perhaps they have listened to all the protests.  I don't know.   At 10 SWIFT transfers a day the delays will obviously be endless unless they focus on solving the problem instead of the exact ordering of the queue.

[Nagle]

At 10 SWIFT transfers a day the delays will obviously be endless.

Yes. That's very convenient for Mt. Gox if the suckers let them get away with it.

Mt. Gox has always had anti-withdrawal policies. Their FAQ says there are no limits on deposits, but there are both rate and amount limits on withdrawals.  That's always been suspicious.

Assuming this isn't another fake excuse from Mt. Gox (given their track record, that's a strong possibility) they need a competent CFO. They either have no clue about cash management, or they like having excuses for not paying.

They're still in default on their obligations. It doesn't matter why they can't pay, only that they didn't. There are other ways they could make payments. They could write checks and send them by FedEx, for example.

[sturle]

At 10 SWIFT transfers a day the delays will obviously be endless.

Yes. That's very convenient for Mt. Gox if the suckers let them get away with it.

Mt. Gox has always had anti-withdrawal policies. Their FAQ says there are no limits on deposits, but there are both rate and amount limits on withdrawals.  That's always been suspicious.

I know.  Laws against money laundering make a lot of trouble for their customers.  But you are attacking the wrong people for it.  You should attack the government instead.  And their bank regarding the limit of SWIFT transfers per day.  Fortunately MtGox are working with other banks to solve this particular problem, and the SEPA queue is already getting shorter.  To raise the amount limits beyond what the anti money laundering laws permit, you have to go elsewhere, however.

Assuming this isn't another fake excuse from Mt. Gox (given their track record, that's a strong possibility) they need a competent CFO. They either have no clue about cash management, or they like having excuses for not paying.

MtGox's track record is better than most other exchanges.

They're still in default on their obligations. It doesn't matter why they can't pay, only that they didn't. There are other ways they could make payments. They could write checks and send them by FedEx, for example.

I haven't seen a check in my country since the early eighties.  I got a check for 20 USD from an US company in 1998, but it was only valid in the USA.  Travelling to Japan to cash out a check wouldn't be very attractive either, if they still have checks in Japan.  Are checks still used anywhere?

Edit: I would actually be very pissed if any exchange sent me a check which I would have to travel around half the world to redeem, and call that a payment.  I didn't do more business with the US company either.  Scammers.

[Nagle]

I know.  Laws against money laundering make a lot of trouble for their customers.  But you are attacking the wrong people for it.  You should attack the government instead.  And their bank regarding the limit of SWIFT transfers per day.  Fortunately MtGox are working with other banks to solve this particular problem, and the SEPA queue is already getting shorter.  To raise the amount limits beyond what the anti money laundering laws permit, you have to go elsewhere, however.

There are no number of transaction limits associated with anti-money-laundering laws. There are reporting requirements and a blacklist. There are prohibitions against making many little transactions below the reporting threshold ("smurfing").

Even Mt. Gox isn't claiming they have limits imposed by anti-money-laundering laws.  (Because that can be checked.)

[malevolent]

I haven't seen a check in my country since the early eighties.  I got a check for 20 USD from an US company in 1998, but it was only valid in the USA.  Travelling to Japan to cash out a check wouldn't be very attractive either, if they still have checks in Japan.  Are checks still used anywhere?

They are still very common in France, at least as of 2009 when I last lived there.

But in Poland for example (where I live now) checks are not used since mid-1990s.

[sturle]

I know.  Laws against money laundering make a lot of trouble for their customers.  But you are attacking the wrong people for it.  You should attack the government instead.  And their bank regarding the limit of SWIFT transfers per day.  Fortunately MtGox are working with other banks to solve this particular problem, and the SEPA queue is already getting shorter.  To raise the amount limits beyond what the anti money laundering laws permit, you have to go elsewhere, however.

There are no number of transaction limits associated with anti-money-laundering laws.

Read again.

There are reporting requirements and a blacklist. There are prohibitions against making many little transactions below the reporting threshold ("smurfing").

Even Mt. Gox isn't claiming they have limits imposed by anti-money-laundering laws.  (Because that can be checked.)

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?

[smoothie]

CONFIRMATION TIME!

I was on at #mtgox on irc.freenode.org when identified user MagicalTux, CEO of MtGox, gave the statements in sturles post https://bitcointalk.org/index.php?topic=179586.msg2924021#msg2924021 and I can confirm that the quotes are accurate and exactly what was said.

It would be great if one or two other people who also have the conversation in their scrollback buffer can also confirm this.

13:48 <@MagicalTux> sturles, we already applied to that one
13:51 <@MagicalTux> samson_, things are not easy, but it's far from what you could qualify as "embargo"
13:54 <@MagicalTux> sturles, we've been reducing SEPA delay day by day
13:54 <@MagicalTux> things are much better than one month ago
13:54 <@MagicalTux> nope
13:59 <@MagicalTux> sturles, "blocked" is not the correct word
14:00 <@MagicalTux> SleepersTide, right now all SWIFT transfers are processed up to the limits of our current bank (up to 10 transfers per day - we should be able to increase that as soon as we have more banking partners ready - it's taking longer than expected because of the time required by the people at the bank to understand our business)
14:01 <@MagicalTux> sturles, we are not allowed to talk about the exact problem (doing so would only make things worse)
14:12 <@MagicalTux> sturles, most companies in Japan will do one, maybe two SWIFT transfers a month to providers overseas (actually most will do zero)
14:16 <@MagicalTux> Delerium, literal
14:17 <@MagicalTux> when we were in the second largest bank in Japan, we represented more than half of all the volume of SWIFT processed by that bank (almost overloading their systems a couple of times)
14:18 <@MagicalTux> rfish, rather than spending time on this, fixing it is likely going to bring more on the long term
14:19 <@MagicalTux> those wires are processed in received order, nothing else
14:25 <@MagicalTux> publishing that would be against our ToS
14:26 <@MagicalTux> (specifically privacy policies)

^^ see sturles post for full conversation, just confirming MagicalTux's statements.

..if you're wondering why we should confirm this is true: various "news outlets" are now watching and typing up stories

[Nagle]

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.

[smoothie]

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.