MtGox withdrawal delays [Gathering]

[mightycount]

So just me trying to use some common sense, can someone tell me, where does gox gets its money ?

Who is depositing cash on their site to buy bitcoin when there is a 100+usd premium compared with other xchanges?

I don't want to say that gox gonna die, but yeah gox gonna die.

Easy, people who are frustrated by inability to withdraw USD are forced to buy BTC for withdrawal. Thing is, this is a finite resource. Once exhausted, MtGox is dead.

[DieJohnny]

So just me trying to use some common sense, can someone tell me, where does gox gets its money ?

Who is depositing cash on their site to buy bitcoin when there is a 100+usd premium compared with other xchanges?

I used to think the same thing, buy apparently dumb people are gonna be dumb. I know several newbie's that recently decided to get themselves some bitcoin through MtGox. Why? Simple. They don't care to do any research whatsoever, and MtGox is like a brand-name.

One of them lost his funds btw. Either his account got hacked into, or he was scammed by Gox. (He did not have 2FA.)

Edit: By the way, Gox told him to take it up with his local police, which is obviously a bad joke as we're situated in Europe.

I am one of those that tried to use Gox last fall. However, I did so not because i was unaware of the problems with withdrawals. I had no intention of ever withdrawing any of my cash from Gox, the spread between Gox and others was not so large then and I simply wanted to buy Bitcoin and eventually withdraw my bitcoin to my own wallet.

I have bought bitcoin in many ways and I wanted Gox to be an option. I like options.

Fortunately, i only wired $3k to Gox as a test, and in hindsight I should have been even more conservative because I have never seen the deposit show up.

Gox did allow me to almost triple my Bitcoins in trades so the volume and movement was great. However, my account is fully withdrawn now as I have lost even trust in trading Bitcoin in Gox. I trade elsewhere and took my all Bitcoin with me.

[raskul]

ha!

MTGOX

what a joke...

I got an email this morning rejecting my verification, guess why...?

I'll let you all have ONE guess as to why my submitted utility bill is now more than 3 months old.

what a farce of a company. A complete shambles.

[tvbcof]

ha!

MTGOX

what a joke...

I got an email this morning rejecting my verification, guess why...?

I'll let you all have ONE guess as to why my submitted utility bill is now more than 3 months old.

what a farce of a company. A complete shambles.

Mine was rejected twice.  Why?  Because my drivers license contains a P.O. box address in addition to a street address.

I would gladly have just not used Mt. Gox at all at that point, but I had already given them the sensitive information which I'm sure they keep kicking around even from rejections (and which will likely get stolen/sold at some point.)  I'd been resisting sending in these documents for years for that reason.  After the second rejection I flipped out and sent them a rather harsh note.  This induced them to see the error of their ways and they verified me.

Literally within hours of being verified I requested they send me all my USD via international wire.  That was back in August, and I've not gotten the money yet.

If they had just been honest and said that they cannot process international wires to US banks and will advise when they are able, it would have been perfectly acceptable to me and saved a lot of hard feelings.  Why they choose to and continue lie about this is and claim that they are close to a banking breakthrough is a mystery to me.  It simply does nobody any good.  I had had a lot of respect for their performance in their many struggles over the years.  Now I couldn't give a shit about what happens to Mark and his shit company and hope that he does get jacked by some combination of the Feds and Vessenes for the $10M.

[raskul]

ha!

MTGOX

what a joke...

I got an email this morning rejecting my verification, guess why...?

I'll let you all have ONE guess as to why my submitted utility bill is now more than 3 months old.

what a farce of a company. A complete shambles.

Mine was rejected twice.  Why?  Because my drivers license contains a P.O. box address in addition to a street address.

I would gladly have just not used Mt. Gox at all at that point, but I had already given them the sensitive information which I'm sure they keep kicking around even from rejections (and which will likely get stolen/sold at some point.)  I'd been resisting sending in these documents for years for that reason.  After the second rejection I flipped out and sent them a rather harsh note.  This induced them to see the error of their ways and they verified me.

Literally within hours of being verified I requested they send me all my USD via international wire.  That was back in August, and I've not gotten the money yet.

If they had just been honest and said that they cannot process international wires to US banks and will advise when they are able, it would have been perfectly acceptable to me and saved a lot of hard feelings.  Why they choose to and continue lie about this is and claim that they are close to a banking breakthrough is a mystery to me.  It simply does nobody any good.  I had had a lot of respect for their performance in their many struggles over the years.  Now I couldn't give a shit about what happens to Mark and his shit company and hope that he does get jacked by some combination of the Feds and Vessenes for the $10M.

I actually felt the need to check the date on my utility bill which was sent as verification of my address.
22 October 2013. So... they left it one single day over the 3 months to reject me. Now, i'm not normally a conspiracy theorist, but had that document been checked yesterday, it would still be within the 3 month time frame. why they left it just one single day over the limit, is anyone's guess.
I run 3 business and 2 of them will be accepting bitcoin as a payment method - helping to boost the network, and bitcoins in general. I have a marketing plan ready to unleash in the UK and I registered with mtgox, as the interface looked simple, I seen the option to create website buttons which will autotrade to fiat for me, and of course the BTC rate is the best there is.
They know all this as I have relayed this information via support tickets, which have been responded to.
why oh why oh why, if they are under investigation (?cite?) and possibly not allowed to accept new customers (?unverified?) can't they just be honest. I'd much rather honesty than smoke and mirrors, which this seems to be. smoke and mirrors hiding the facts.
again, a complete shambles.

[Bismarckbkk]

If they had just been honest and said that they cannot process international wires to US banks and will advise when they are able, it would have been perfectly acceptable to me and saved a lot of hard feelings.  Why they choose to and continue lie about this is and claim that they are close to a banking breakthrough is a mystery to me.  It simply does nobody any good.

My guess is that if they admit it they wouldnt get any buisiness at all. By pretending theyre liquid but just unable to process withdrawals they can keep the illussion going on for a while longer by servicing EU and Japanese customers.

The verification with the utility bill and the drivers license its so bad its actually funny to anyone who hasnt money stuck there. With these practices anyone that thinks that this company is doing alright and just have bad customer service and problems to process wires to USD accounts is just not thinking objectively.

[ytao23]

I am not understanding why there is still huge price premium in Mtgox, if anyone can withdraw yen there for 2 or 3 weeks.

[severance26]

ok so my first withdrawal was processed in yen to my japanese account from the 7th january on the 22nd january. still 2 more outstanding on later dates but at least its paying out still. panic over. 2/3 week delay estimates are correct. goodluck

jay, what bank was this through? JNB or Mizuho? What does your tsuuchou say about what bank if came from?

I had a transaction go through JNB, we are looking to see if their other routes are working or not... so if you can confirm whether you withdrew to a JNB account or not (it either goes to JNB for a JNB account or, as far as i know, Mizuho besides)

Though come to think of it, recently I noticed their deposit bank info also changed to JNB on their site......

[lucaing]

ok so my first withdrawal was processed in yen to my japanese account from the 7th january on the 22nd january. still 2 more outstanding on later dates but at least its paying out still. panic over. 2/3 week delay estimates are correct. goodluck

jay, what bank was this through? JNB or Mizuho? What does your tsuuchou say about what bank if came from?

I had a transaction go through JNB, we are looking to see if their other routes are working or not... so if you can confirm whether you withdrew to a JNB account or not (it either goes to JNB for a JNB account or, as far as i know, Mizuho besides)

Though come to think of it, recently I noticed their deposit bank info also changed to JNB on their site......

Mine is through Citibank. But i would like to try again through my new JapaNet account next time.

[Martazek]

Guys should i exchange BTC for $ on MtGox or Bitstamp? Cause about 100$ is huge difference, so naturaly i want to exchange on MtGox, but i have bad feeling about this, cause its too good to be true. Is it only cause thir withdraws are delayed? What you will recommend me? I just need to exchange BTC for $ and i can wait month for payment, but if there is risk i will be unable get these money even after month, i would prefer bitstamp. Thx

[JohanM]

Guys should i exchange BTC for $ on MtGox or Bitstamp? Cause about 100$ is huge difference, so naturaly i want to exchange on MtGox, but i have bad feeling about this, cause its too good to be true. Is it only cause thir withdraws are delayed? What you will recommend me? I just need to exchange BTC for $ and i can wait month for payment, but if there is risk i will be unable get these money even after month, i would prefer bitstamp. Thx

Withdrawing money from mtgox to the USA seems not possible at this moment.
Only JPY and SEPA (Euro) get through.

[ozjabi]

ok so my first withdrawal was processed in yen to my japanese account from the 7th january on the 22nd january. still 2 more outstanding on later dates but at least its paying out still. panic over. 2/3 week delay estimates are correct. goodluck

Good to hear, by that measure, mine should get done Friday or early next week, fingers and toes crossed

I just had a JPY withdrawal from 5 January go through.  Still waiting on withdrawals from 13 and 14 January. 

As far as I know, there has been no credible explanation for the delay (besides some rubbish about "holidays"?!).

Don't want to get caught out when the music stops. Still, at 15% arbs perhaps it is worth the gamble... ? It is just that, though: gambling on the financial health of MtGox.

[trdiablo]

ok so my first withdrawal was processed in yen to my japanese account from the 7th january on the 22nd january. still 2 more outstanding on later dates but at least its paying out still. panic over. 2/3 week delay estimates are correct. goodluck

Good to hear, by that measure, mine should get done Friday or early next week, fingers and toes crossed

I just had a JPY withdrawal from 5 January go through.  Still waiting on withdrawals from 13 and 14 January. 

As far as I know, there has been no credible explanation for the delay (besides some rubbish about "holidays"?!).

Don't want to get caught out when the music stops. Still, at 15% arbs perhaps it is worth the gamble... ? It is just that, though: gambling on the financial health of MtGox.

* Withdrawals

All withdrawals will be sent through the MtGox Polish bank account and will involve a 1% fee with a minimum of 5.5 PLN

Please note the following rules :
- It is not possible to withdraw less than 10 EUR.
- Withdraws lower than 100.00 EUR are on average take less than a week.
- It takes at least a month on average for withdrawals larger than 10,000 EUR
- Withdrawals greater than 50,000 EUR need to be split it into multiple transfers or you can use the International Wire payment method.
- Due to the volume of withdrawals requests, each customer is currently only allowed 1 withdrawal every 20 days (estimate)
 Situation as of 16th January 2014: We are currently processing withdrawals requested 3 weeks ago. (Users with several withdrawals in the queue must take the 20 day rule above into account)

[BreathOfZen]

* Withdrawals

All withdrawals will be sent through the MtGox Polish bank account and will involve a 1% fee with a minimum of 5.5 PLN

Please note the following rules :
- It is not possible to withdraw less than 10 EUR.
- Withdraws lower than 100.00 EUR are on average take less than a week.
- It takes at least a month on average for withdrawals larger than 10,000 EUR
- Withdrawals greater than 50,000 EUR need to be split it into multiple transfers or you can use the International Wire payment method.
- Due to the volume of withdrawals requests, each customer is currently only allowed 1 withdrawal every 20 days (estimate)
 Situation as of 16th January 2014: We are currently processing withdrawals requested 3 weeks ago. (Users with several withdrawals in the queue must take the 20 day rule above into account)

Is this an official announcement?

[epenue]

* Withdrawals

All withdrawals will be sent through the MtGox Polish bank account and will involve a 1% fee with a minimum of 5.5 PLN

Please note the following rules :
- It is not possible to withdraw less than 10 EUR.
- Withdraws lower than 100.00 EUR are on average take less than a week.
- It takes at least a month on average for withdrawals larger than 10,000 EUR
- Withdrawals greater than 50,000 EUR need to be split it into multiple transfers or you can use the International Wire payment method.
- Due to the volume of withdrawals requests, each customer is currently only allowed 1 withdrawal every 20 days (estimate)
 Situation as of 16th January 2014: We are currently processing withdrawals requested 3 weeks ago. (Users with several withdrawals in the queue must take the 20 day rule above into account)

Is this an official announcement?

Sure, its in the FAQ: https://support.mtgox.com/entries/21649594-Withdrawals-and-Deposits

[BreathOfZen]

* Withdrawals

All withdrawals will be sent through the MtGox Polish bank account and will involve a 1% fee with a minimum of 5.5 PLN

Please note the following rules :
- It is not possible to withdraw less than 10 EUR.
- Withdraws lower than 100.00 EUR are on average take less than a week.
- It takes at least a month on average for withdrawals larger than 10,000 EUR
- Withdrawals greater than 50,000 EUR need to be split it into multiple transfers or you can use the International Wire payment method.
- Due to the volume of withdrawals requests, each customer is currently only allowed 1 withdrawal every 20 days (estimate)
 Situation as of 16th January 2014: We are currently processing withdrawals requested 3 weeks ago. (Users with several withdrawals in the queue must take the 20 day rule above into account)

Is this an official announcement?

Sure, its in the FAQ: https://support.mtgox.com/entries/21649594-Withdrawals-and-Deposits

Does this correspond to everyone's actual experience?

[severance26]

My verification has been pending since the 28th of December & by reading all these posts i feel shitty, I have 2444$ in my account. I dont mind buying some coins with that. Can you guys advice me on what would be the best action to take please.

I certainly wouldn't withdraw from MtGox! Wait for a drop, buy btc, move to an exchange that DOES do US transfers (if there is one, i actually dont know), and hope that btc goes back up to help with the large hit you are going to take by going to another exchange.

It's not what you want to hear, I know. You can lie to yourself if you want and try to push through the USD transfer at Mt.Gox anyway; just don't act like you weren't warned. Your money could be in limbo for months, years, who knows. Or if you believe the doomsayers, it will disappear.

[3nrg]

Verified account at gox.  Currently waiting over 74 hours for my bitcoin withdraw to confirm in blockchain.

[3nrg]

Verified account at gox.  Currently waiting over 74 hours for my bitcoin withdraw to confirm in blockchain.

Is that normal, for it to take that long?

Well normal enough for someone to make this site:  http://skanner.net/MtGox/mtgox_tx.php

Not sure what the percentages on bad withdraws are but there seems to be a lot at any given time. 

I split my withdraw into three parts as I was aware of the issues.  2/3 withdraws went smoothly, under an hour.  But now waiting over 3 days for one withdraw.  And no response of course from their "support" team. 

[severance26]

Verified account at gox.  Currently waiting over 74 hours for my bitcoin withdraw to confirm in blockchain.

Is that normal, for it to take that long?

Well normal enough for someone to make this site:  http://skanner.net/MtGox/mtgox_tx.php

Not sure what the percentages on bad withdraws are but there seems to be a lot at any given time. 

I split my withdraw into three parts as I was aware of the issues.  2/3 withdraws went smoothly, under an hour.  But now waiting over 3 days for one withdraw.  And no response of course from their "support" team. 

A lot? I see 183 (out of who knows how many total transactions). Many of these are over 100 bitcoins. I'm not sure how much you were sending, or what the fiat output is supposed to be, but you must be loaded, to need to send three different transactions. Otherwise you likely only made your situation worse by increasing the chances for something to go wrong...

I hope you get your money. Next time pay a larger fee, $3 is nothing when sending half a million USD....