[Fixed] warning! do not put much btc into mtgox or it will be locked up!

[bethel]

For a while I have been annoyed that mtgox is restricting how much LR we can withdraw from our accounts to $1000/day. I have emailed and explained that LR and BTC should not be subject to US banking regulations and even if he wants to play it safe the quantity for cash withdrawls before a currency transaction report (CTR) is $3000 not $1000.

He has not responded to my email and it has been 3 days. I would have waited longer but today I found something I must tell you all about before someone else gets their money tied up like me.

Today I was shocked to find out that mtgox is also restricting the amount of BTC that may be withdrawn. He is making a combined limit of $1000 USD per day for both BTC and USD. I was only able to withdraw about $750 LR and 750BTC.

I have over 90,000BTC in my account and it will take me over 20 days to withdraw it even though it took less than 10min to deposit it. The big problem I have with this is that there was no announcement or warning. I did not agree to the terms of restriction when depositing money. In fact, there was an implicit agreement of trust that a bitcoin exchange would follow the spirit of BTC being unregulated and free money.
I would not even expect this kind of restriction from a regular bank. They at least tell you up front that you will not have access to your money except on their terms, but they give you those terms before you deposit a dime.

I am willing to give mtgox the benefit of the doubt since he has done so much to promote the bitcoin community. Perhaps he is on vacation for Thanksgiving and did not get my email. Maybe there is a bug in his program. Whatever it is, I hope you traders on mtgox will stand with me and encourage mtgox to return our money to us at once.

[1713993899]

1713993899

[S3052]

A couple of people had asked him to withdraw more and he has quickly enabled this. That was about 2 weeks ago so I don't know how it would work with 90,000 today.
I have communicated with him last time this Tuesday and perhaps he is out as he did not respond to my mails on Wed + Thursday. Perhaps he is just taking a couple of days off.

[wumpus]

With your 'panicpanicpanic' topic subject I was first scared of a paypal-style sudden account lock, but it seems he didn't lock your account but just restricted the speed at which you can get money in/out.

Which is an annoyance but no reason for panic.

Then again, trusting a site of a person you hardly know with a lot of money is dangerous in any case.

[FreeMoney]

Will he let you transfer to 'other' people? <hint, hint>.

[jgarzik]

For a while I have been annoyed that mtgox is restricting how much LR we can withdraw from our accounts to $1000/day. I have emailed and explained that LR and BTC should not be subject to US banking regulations and even if he wants to play it safe the quantity for cash withdrawls before a currency transaction report (CTR) is $3000 not $1000.

The $1000/day limit is quite normal and expected, if you do not wish to register as a Money Services Business (MSB) with FinCEN.

I found this guidance while researching for The Bitcoin Store.

For the sake of mtgox.com's longevity, I hope this withdrawal limit remains.  You do not want the US government to even mistakenly shut down mtgox, do you?

And I for one would not trust random users' interpretation of US laws.  You will find crazy people who will explain that it is not required to pay US taxes to the IRS.  We all ignore these nutters, continue to pay our taxes, and continue to stay out of jail.

[mtgox]

I'll change it to allow you to withdraw whatever amount you added instantly. I wont have time to do this till wednesday probably.

[bethel]

@mtgox> Thank you for fixing this. I got my coins.

@jgarzik> Thanks for clearing up where this regulation came from. I just assumed that it would be the same 3000/day limit for everybody but I guess FINCEN says different if you are not a MTB.

[FreeMoney]

@mtgox> Thank you for fixing this. I got my coins.

@jgarzik> Thanks for clearing up where this regulation came from. I just assumed that it would be the same 3000/day limit for everybody but I guess FINCEN says different if you are not a MTB.

Since you seem satisfied it would be appropriate to modify the title of your thread now.