MtGox withdrawal delays [Gathering]

[cozytrade]

Make sure that the Japanese police have the fingerprints of the Mt. Gox management on file.

Bankruptcy and criminal fraud are different. At this moment, the former is closer. Several dishonored bills to the creditors may cause bankruptcy. If they go bankrupt, they won't be under arrest, just restricted for future business. Instead, the victims need civil court case.

Perhaps auditors and banks impose strict cash flow to protect their capital I believe. Otherwise the situation is getting worse faster. I would like to see their financial statements...

[1714015947]

1714015947

[raskul]

i feel like a lottery winner... i GOT AN EMAIL FROM MtGOX today!!! what is this phenomenon? it's unheard of. 

[severance26]

Exactly, the fact they are claiming that the local JP banks are backlogged is horse shit.   JP banks were humming along fine the day after the holidays.   A few thousand domestic transfers does not bring the JP banking system to a grinding halt.   I'd be weary of keeping any large amounts of money/btc with them from this point out.

This is new to me. Anyone else know for a fact that JPY is now longer flowing?

The current premium being 17.85% is quite telling, so I am guessing JPY isn't flowing anymore and that pretty much closes the last door. Can you guys who are JPY accounts share what the current status is?

I hear you, but it doesn't quite work that way. The 'premium' as you put it, is pressure building in Mt. Gox because USD aren't flowing out. However JPY is currently trading somewhat weaker than the 'outside world' value; its 104.7 USDJPY on the FX market and 101-103 USDJPY depending on which moment you check MtGox.

If you read my earlier post, I pointed out that there are delays, but JPY is flowing. Many people on here are doomsaying and calling every negative factoid 'proof' of the nefarious nature of MtGox. Unfortunately I think the general excitement of having a reason to be paranoid (because bitcoins HAS attracted a good subset of criminals looking to cheat you out of your money) has made people a little too quick to find monsters where there are much simpler and obvious explanations.

What surprises me is that people are so greedy, they are STILL trying to put through USD withdrawals instead of just sending their bitcoins to any other number of other exchanges which will process your transfer so much faster. Was it really worth the 20 bucks you made on your 500 dollar purchase?

Judging by peoples comments about support, I think that support is also split up between currencies (as in, countries). It sounds like USD support is way, way slower. JPY took about 4 business days per reply.

[saigo]

2 withdrawals in JPY, one on 8th, one on 9th Jan. Still only shows as 'confirmed', not 'processed' in Gox account history. Still no reply to numerous support queries. Still waiting, still hoping, all BTC removed from Gox account until I see my money, and regain some confidence.

[severance26]

2 withdrawals in JPY, one on 8th, one on 9th Jan. Still only shows as 'confirmed', not 'processed' in Gox account history. Still no reply to numerous support queries. Still waiting, still hoping, all BTC removed from Gox account until I see my money, and regain some confidence.

Yen is not flowing for me either.   I'm similar to Saigo.   1 on 7th, and 1 on 10th.  Both sitting on confirmed still.  

You haven't mentioned which bank was used to process, neither of you. But judging by your forum handle, you don't know why this is important...

Not that many business days have passed. Also, read the fine print concerning the timing of your request, and when the bank will process a transfer after receiving it.

tl;dr do your homework

[damnek]

It looks like mtgox is having btc withdrawal issues again. My tx are double spends. How soon can I expect this to be resolved?

After creating a support ticket, the missing transactions showed up. I tried withdrawing more bitcoins, but those again did not show up..

[saigo]

2 withdrawals in JPY, one on 8th, one on 9th Jan. Still only shows as 'confirmed', not 'processed' in Gox account history. Still no reply to numerous support queries. Still waiting, still hoping, all BTC removed from Gox account until I see my money, and regain some confidence.

Yen is not flowing for me either.   I'm similar to Saigo.   1 on 7th, and 1 on 10th.  Both sitting on confirmed still.  

You haven't mentioned which bank was used to process, neither of you. But judging by your forum handle, you don't know why this is important...

Not that many business days have passed. Also, read the fine print concerning the timing of your request, and when the bank will process a transfer after receiving it.

tl;dr do your homework

In my case it's a withdrawal to a japanese domestic bank, every other transaction I've done with japanese banks is a day or two at the most, usually next day. Sorry I don't understand why you think 2 weeks is acceptable or normal at all ?

[medialab101]

There are a host of other factors involved here. Americans sending in more than $2000 into a US bank account have a SAR report done by their bank. Its mandatory and the bank isn't allowed to tell you they did it, but they DO, gentlemen.

I thought it was USD $10,000 that triggered the SAR report.

[saigo]

2 withdrawals in JPY, one on 8th, one on 9th Jan. Still only shows as 'confirmed', not 'processed' in Gox account history. Still no reply to numerous support queries. Still waiting, still hoping, all BTC removed from Gox account until I see my money, and regain some confidence.

Yen is not flowing for me either.   I'm similar to Saigo.   1 on 7th, and 1 on 10th.  Both sitting on confirmed still.  

You haven't mentioned which bank was used to process, neither of you. But judging by your forum handle, you don't know why this is important...

Not that many business days have passed. Also, read the fine print concerning the timing of your request, and when the bank will process a transfer after receiving it.

tl;dr do your homework

In my case it's a withdrawal to a japanese domestic bank, every other transaction I've done with japanese banks is a day or two at the most, usually next day. Sorry I don't understand why you think 2 weeks is acceptable or normal at all ?

Saigo, it is not acceptable.   Withdrawals requested by 4pm, are supposed to go to processed the next business day in the gox system.   Then, what ever the time frame your own bank takes from that point.   In my experience Citibank has always deposited the next business day after gox marks it as processed.   

Yeah, I can't see that it is anything other than Gox just sitting on the money, probably due to cash flow issues. I think it is particularly telling that I've had no response from support, yet there was plenty of response recently when chasing up my verification, presumably because they hoped id be depositing funds.

[cozytrade]

You haven't mentioned which bank was used to process, neither of you. But judging by your forum handle, you don't know why this is important...

Dude, really? You signed up January 16, 2014 and have written 8 posts here and you write shit like that about two big players who've been around the block and know what they are talking about. Please kill yourself. I asked to get an idea of the current situation, not to waste time reading stupid n00b opinion from someone who clearly has no idea what's going on.

saigo, bakada, thank you for sharing.

Well I suppose he is joking as the handle mentioned implies "I'm moron" in Japanese. As for the bank, he used JNB for successful withdraw this month and that should be one of the factors to distinguish. JNB is the same bank as MtGOX.

[kibbl3]

Has anyone tried the domestic Polish Zloty bank withdrawal route for MtGox? Does that work any better than SEPA?

Thanks!

[smickles]

Has anyone received USD from them since mid November? I haven't

[andy-bc]

Has anyone tried the domestic Polish Zloty bank withdrawal route for MtGox? Does that work any better than SEPA?

The delays for domestic PLN withdrawals are as bad as for SEPA withdrawals. Or perhaps even slightly worse.

[Chancellor]

Has anyone tried the domestic Polish Zloty bank withdrawal route for MtGox? Does that work any better than SEPA?
Thanks!

It seems that this route is closed. When one tries to use PLN withdrawal option, a message appears that this has been replaced with the new "Withdrawal Center". Then I have defined my PLN account in a Polish bank, and got a message saying that it will be activated soon. After a week I've filled a support ticket asking why it is not yet active. I've got a response that my MtGox account is verified. Sure, rrrright, it has been verified a month ago... Then I've created another ticket, with link to the previous one, with more precise problem description. After a few days I've got a response, my bank account can't be activated in the Withdrawal Center, because I have used ambigious letter "ł" in account details. Cool, so I've defined the same account again, replacing "ł" with "l". Two weeks more and it is still inactive. Maybe I should send another ticket...

Anyway when defining an account in the "Withdrawal Center" there is nothing special for PLN withdrawals, there is just option to enter the IBAN number, which probably means, that withdrawals in PLN are now just plain SEPA ones (most banks in Poland do SEPA).

I've planned to sell some 0.1 BTC on MtGox and try fiat withdrawal, just to learn myself how long it takes. Now I'm every day less convinced that it makes any sense.

[jaycutler]

i have a japanese bank account and withdrew on the 7th, 11th and 15th january, all 100,000 yen, all confirmed but nothing. been keeping an eye on this thread and now starting to get worried with others adding to it in the same boat. stopped believing it has anything to do with the holiday period now. if anybody receives their yen please repost to give the rest of us hope. thanks

[kibbl3]

Thanks for the info guys.

From what I've been reading is it fair to say generally SEPA transfers work within the 3-4 week time band on the website? (Although this is unacceptably slow anyway!)

[medialab101]

Its something that would have to be explained over a beer to be believed Smiley.

Would like to hear that story. I can't imagine what other meaning could be taken from that.

[medialab101]

Its something that would have to be explained over a beer to be believed Smiley.

Would like to hear that story. I can't imagine what other meaning could be taken from that.

I drew the short straw on the best names to move to Japan with competition.  I seem to inspire a giggle to most I'm introduced.

Tough break. Or totally epic

I knew a guy years ago who didn't last so long in Japan. His name was 'Gary' so I think he's got you beat.

[qxzn]

Has anyone received USD from them since mid November? I haven't

That's pretty much the same time I received my last USD withdrawal (at 5% fee). Haven't tried since..

[sd]

There are a host of other factors involved here. Americans sending in more than $2000 into a US bank account have a SAR report done by their bank. Its mandatory and the bank isn't allowed to tell you they did it, but they DO, gentlemen.

I thought it was USD $10,000 that triggered the SAR report.

From wikipedia:

FinCEN requires a SAR to be filed by a financial institution when the financial institution suspects insider abuse by an employee; violations of law aggregating over $5,000 where a subject can be identified;[clarification needed] violations of law aggregating over $25,000 regardless of a potential subject; transactions aggregating $5,000 or more that involve potential money laundering or violations of the Bank Secrecy Act; computer intrusion; or when a financial institution knows that a customer is operating as an unlicensed money services business.

My guess is the US government sees anything involving BitCoin as 'potential money laundering'.