MtGox withdrawal delays [Gathering]

[Nagle]

Gox/BTC-E spread just passed 24%. This is an all time sustained high.  The market is now convinced that money stuck in Gox isn't worth much. 

MtGox/BTC-E (USD) live ratio chart.

Bitstamp at $817, BTC-E at $818, Coinbase at $818, Mt. Gox at $1011.

Tomorrow is going to be interesting.

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[RG]

* 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?

This is from the FAQ under the "Europe/SEPA Transfers(EUR)" section. I am taking about Japanese domestic transfers, where the same FAQ says:

"* Withdrawals
All JPY withdrawals placed before 4pm Tokyo time on banking days are now processed the following banking day, and will be sent from our JapanNet Bank account."

Which is patently false.

Haha yes that is true. Its totally false. Thats why at the withdrawal center, its written in the pink box that there are delays from New Year. I think that message is intended for domestic transfers but MtGox probably left it intentionally vague so as to seem like an excuse for ALL of their withdrawals having serious delays. They really need better management...

Really? Just when i got my hands in a Japanese Account, what's the real time for JPY withdraws?

[lucaing]

* 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?

This is from the FAQ under the "Europe/SEPA Transfers(EUR)" section. I am taking about Japanese domestic transfers, where the same FAQ says:

"* Withdrawals
All JPY withdrawals placed before 4pm Tokyo time on banking days are now processed the following banking day, and will be sent from our JapanNet Bank account."

Which is patently false.

Haha yes that is true. Its totally false. Thats why at the withdrawal center, its written in the pink box that there are delays from New Year. I think that message is intended for domestic transfers but MtGox probably left it intentionally vague so as to seem like an excuse for ALL of their withdrawals having serious delays. They really need better management...

Really? Just when i got my hands in a Japanese Account, what's the real time for JPY withdraws?

Taday it's been 15 days waiting my JPY withdraw. From 12th January...

[nekojita]

I have multiple transactions from 1/6-9 that haven't been processed yet.  Word on the street is that they are processing transactions in order and that they did get backed-up over the holiday (bank holidays + holidays related to an already small staff).  I've heard they are trying to beef-up the team and make improvements, but that takes time given the small pool of employees they have to train the new employees.

I've had great service / interactions with Mt. Gox sans issues around delayed response in Japan; although I agree they could definitely benefit from hiring additional people with experience managing a company.

[sturle]

The spread between Mt. Gox and the other exchanges is around 22% today.  This may be an all-time high. We've seen 20% a few times, but above 20% has been rare. The spread has been climbing slowly for weeks.  (Is this charted somewhere?  "bitcoincharts.com" doesn't chart it, but they're run by Mt. Gox.)

btw where's Sturle to calm everybody down?

I have decided to stop wasting time here, and let you all feed the panic instead.  It is much more profitable.  I managed more than 18% on my last round of arbitrage, all fees included.  I wonder if I'll be able to get 25% on the next. 

Please keep panicing!  Never search for the true answers; make up your own!  Don't ever believe it is possible to withdraw anything!  Don't believe arbitrage is possible.  Please keep spreading rumours that MtGox are broke, etc.  I've never made this much money with no risk and almost no work!  I'm in my last week of full time employment.  From now on I will make a living out of the price difference between Panicstamp and MtGox, and my bot of course.  You guys!  I love you all for making this possible!

For all the other arbitragers who are making good money on spreading FUD here: I think you are a bit dishonest, and there is no need to.  The clueless people here are fully capable of creating a panic for themselves.

OK, I can't resist revealing some information about JPY withdrawals.  Last known processed is from January 5th.  Reason for the delay is 9 days of closed banks (Mizuho) and this:

07:19 <@MagicalTux> jpy withdrawal delays come from the fact there are more withdrawals than deposit, so we need to convert usd/etc to jpy, then send it to our japanese bank, which takes time and has limits much stricter than other transfer methods

The daily limit is 100 million JPY, btw.

For everything else there is not much new.  You will find the answers on previous pages in this thread.

[sfsilks]

Just thought I would give an update as it may make things calmer! Well non of us want a panic. Anyway I was in the same situation with the withdrawal of btc not happening, but given all the comments decided to risk transferring some more of my coins. Well I thought if it is a disaster it makes no difference. So the good news is just withdrew some more coins with no problem at all.

So having read all the comments it does seem to be a glitch which mtgox is working on, and given the number of backlogs, no wonder they have no time to reply. I am not letting them off as they should be more transparent.   

Just FYI I decided to with draw in 0.2 increments!

I also think the issue on Sunday was compounded by what looked like a panic

[alfabitcoin]

Please keep panicing!  Never search for the true answers; make up your own!  Don't ever believe it is possible to withdraw anything!  Don't believe arbitrage is possible.  Please keep spreading rumours that MtGox are broke, etc.

Just in case no-one else points this out: even if they actually have no major problems whatsoever, they soon will if people panic and try to withdraw everything so I would be careful what you wish for.

FWIW their reports of banking problems sound all too painfully believable to me, though their communication over every issue has been abysmal, and is the main thing that would make me suspect either their honesty or competence.

I agree that people tend to panic over many things. Mtgox is in bitcoin comunity for long time and they stil make money. I really doubt that they would go rouge or make some froud move and face many lsgal consequence.
I have 4500 usd there and i am from eu, just wating with my bank to claer something with my account to initiate wiithdraw.
Am i concerned about all this, yes, but i am not thinking that gox will go rouge with all our money.
They have backlog and that wont change until some constructive solution implentetetion. Curent btc withdraw snag is separate issue what need time to resolve.

[Lohoris]

btw where's Sturle to calm everybody down?

rofl.

Still, it's not like you couldn't see it coming... this agony has been very very slow, almost 1 year ongoing, slowly building up with more and more "malfunctions"... any remotely wise man would have walked away at the first sign of trouble, so people who have been still using mtgox during the last year are either total fools or total noobs.
And being a noob isn't an excuse: they could have tried to do some research first: everything has a price.

[btcash]

07:19 <@MagicalTux> jpy withdrawal delays come from the fact there are more withdrawals than deposit, so we need to convert usd/etc to jpy, then send it to our japanese bank, which takes time and has limits much stricter than other transfer methods

How is that possible? You can only sell Bitcoins for JPY to people who deposited JPY.
That means that Mark uses the customers JPY funds to pay for business or personal expenses. Great job!

[oOoOo]

just withdrew some more coins with no problem at all.

That's good to hear. But when did you do your withdrawal? Today? Sunday? When?
And how long did it take in total?

I did a 10 BTC withdrawal more than 24 hours ago, and I don't think I'm gonna see my cash any time soon. (Ever?)
Needless to say I'm "a little bit" concerned...

[Alpaca Bob]

07:19 <@MagicalTux> jpy withdrawal delays come from the fact there are more withdrawals than deposit, so we need to convert usd/etc to jpy, then send it to our japanese bank, which takes time and has limits much stricter than other transfer methods

How is that possible? You can only sell Bitcoins for JPY to people who deposited JPY.
That means that Mark uses the customers JPY funds to pay for business or personal expenses. Great job!

AFAIK, this is not true. All fiat is traded in the same "pile", although users do not see this.

[cozytrade]

All fiat is traded in the same "pile", although users do not see this.

You should be right. If they actually do such currency conversion, it is not only unethical but also suffering forex exposure using clients' money.

[btcash]

AFAIK, this is not true. All fiat is traded in the same "pile", although users do not see this.

How do you know that? They have different order books.

But even if true it wouldn't make Mtgox look any better:

it is not only unethical but also suffering forex exposure using clients' money.

[dudel42]

gox has supported multi currency trading since 2011, and it has been in the FAQ all the time:

https://support.mtgox.com/entries/20800336-Multi-Currency-Trading

it works automatically for any non USD trades, though it involves a 2.5% premium (to cover their conversion fees probably).

[Netprofits]

Just FYI I decided to with draw in 0.2 increments!

It is nice to know I should make several thousand transfers @Gox next time for the withdraw process to work for me.   

[Bismarckbkk]

I guess he is saying that people deposit with usd and try to withdraw in JPY. If thats not what he said then he just confirmed what everyone except sturtle knows to be true.

[sfsilks]

just withdrew some more coins with no problem at all.

That's good to hear. But when did you do your withdrawal? Today? Sunday? When?
And how long did it take in total?

I did a 10 BTC withdrawal more than 24 hours ago, and I don't think I'm gonna see my cash any time soon. (Ever?)
Needless to say I'm "a little bit" concerned...

The Sunday coins I am still waiting for but (I have heard this could take days), the coins I did this morning were fine and took about 2-5 seconds to reach my wallet

A mess for sure but I am more relaxed now than I was on Sunday

[oOoOo]

The Sunday coins I am still waiting for but (I have heard this could take days), the coins I did this morning were fine and took about 2-5 seconds to reach my wallet

A mess for sure but I am more relaxed now than I was on Sunday

Ok, thanks for the heads up! Appreciated!
I'm still reluctant to try another withdrawal though. Let's just wait until the dust has settled and then we'll see what to do next...

[dudel42]

I guess he is saying that people deposit with usd and try to withdraw in JPY.

That is what's happening, but when you sell BTC for JPY on gox, you sell to some-one else who did deposit JPY, so mtgox should still never have to pay out more JPY than has been deposited. Since (they say) they do, they have clearly converted some of that JPY to other currencies for their own nefarious purposes, which as mentioned, exposes our money to forex risk.

incorrect. the other party could be using USD, EUR or any other currency supported on gox. all order books are interlinked (with the 2.5% premium applied internally).

[czzarr]

just withdrew 6.1btc in 3 transactions, took less than one hour for each.