Mt Gox now adding 1 week processing time to Wire Transfer withdrawals

[dave111223]

Anyone know why Mt Gox has started adding a 1 week delay before they process wire transfer withdrawals?

Me asking mt gox why money transfer is not processed yet:

ME 8:16:
It's showing only as "confirmed", not as "processed"

Gene 8:16:
yes its confirmed however it will take a week to process

ME 8:16:
a week to process + then 2-5 business days for the transfer?

Gene 8:16:
yes

[Bugpowder]

Wire to WHERE?

Anyone know why Mt Gox has started adding a 1 week delay before they process wire transfer withdrawals?

Me asking mt gox why money transfer is not processed yet:

ME 8:16:
It's showing only as "confirmed", not as "processed"

Gene 8:16:
yes its confirmed however it will take a week to process

ME 8:16:
a week to process + then 2-5 business days for the transfer?

Gene 8:16:
yes

[joesmoe2012]

I just received a wire from gox, and it took under a week altogether (to USA account).

[dave111223]

Wire to WHERE?

Wire to Thailand.

Normally transfer is processed in a day or 2, then the wire transfer itself takes 2-5 business days.

But now it appears they do not even start the transfer (initiate the transfer with the bank) until a week after you put in the transfer request.

[Bugpowder]

Ok thanks for the info.

Will let you know if there is any delay to USA soon. They have always hit my US bank account in 12-48 hours.

[davidspitzer]

What is your experience with how long validation takes for a new aba withdrawal setup to a US bank - I entered all my info and it accepted it but says validating now.

[MPOE-PR]

Anyone know why Mt Gox has started adding a 1 week delay before they process wire transfer withdrawals?

Me asking mt gox why money transfer is not processed yet:

ME 8:16:
It's showing only as "confirmed", not as "processed"

Gene 8:16:
yes its confirmed however it will take a week to process

ME 8:16:
a week to process + then 2-5 business days for the transfer?

Gene 8:16:
yes

Because fractional reserve - payment processing delays = bank run. Expect it to elongate as the difficulty financing their hole grows.

[oblongmeteor]

Are they (Mt.Gox) running a fractional reserve or is this just an assumption? I'm genuinely curious.

My personal view is that they are extremely nervous at the rather longer than anticipated reach of the American 'law'. Cause and effect being what it is, they are now frantically scrambling to implement some form of vaguely passable AML process so, at least on the surface, it doesn't look quite so much like a giant laundromat.

[dave111223]

Because fractional reserve - payment processing delays = bank run. Expect it to elongate as the difficulty financing their hole grows.

Which is exactly why I'm worried.  4th business day now and the wire still not processed on their end, I can't see a good reason for that other than not having funds in their bank account.

[Bugpowder]

Because fractional reserve - payment processing delays = bank run. Expect it to elongate as the difficulty financing their hole grows.

Which is exactly why I'm worried.  4th business day now and the wire still not processed on their end, I can't see a good reason for that other than not having funds in their bank account.

One dude from Thailand cant get a wire and suddenly mtgox is running fractional reserve banking?  Please.  I wire out $12k every week, for months, never had a delay with Gox.  I'll be sending another out on Monday, I highly doubt it will take more than 24 hours to hit my account.

[Bugpowder]

Are they (Mt.Gox) running a fractional reserve or is this just an assumption? I'm genuinely curious.

My personal view is that they are extremely nervous at the rather longer than anticipated reach of the American 'law'. Cause and effect being what it is, they are now frantically scrambling to implement some form of vaguely passable AML process so, at least on the surface, it doesn't look quite so much like a giant laundromat.

Their AML process goes farther than US regulations require.  They got dinged for not registering as a money transmitter in the US.  I'm sure they can use the $75,000 in daily revenue to file the right paperwork and contest the case.  They ARE stupid for not registering earlier though.

[Bugpowder]

Because fractional reserve - payment processing delays = bank run. Expect it to elongate as the difficulty financing their hole grows.

Which is exactly why I'm worried.  4th business day now and the wire still not processed on their end, I can't see a good reason for that other than not having funds in their bank account.

An alternative theory is that you are running some sort of money laundering operation or haven't provided sufficient AML and they have discovered you and are cutting you off, and you are whining to the board trying to stoke fear and cover your ass.

[dave111223]

Because fractional reserve - payment processing delays = bank run. Expect it to elongate as the difficulty financing their hole grows.

Which is exactly why I'm worried.  4th business day now and the wire still not processed on their end, I can't see a good reason for that other than not having funds in their bank account.

An alternative theory is that you are running some sort of money laundering operation or haven't provided sufficient AML and they have discovered you and are cutting you off, and you are whining to the board trying to stoke fear and cover your ass.

Already been AML verified since I opened the account last year.

[dave111223]

I wire out $12k every week, for months, never had a delay with Gox.  I'll be sending another out on Monday, I highly doubt it will take more than 24 hours to hit my account.

Please confirm that you've been able to wire money out this week without delay?

Normally for me it takes a day or two for them to "process" the transfer (tell their bank to send the money)

Last week it was up to 3 business days

This week it's up to 4 business days and counting.

These times do not include the time that the banks take to actually do the transfer.

[dave111223]

1.  It should be obvious by now that no one should let Gox handle anything other than pocket change.

The trouble is the other exchanges do not provide the same level of API that Mt Gox does; Bitstamp, BTC-e, CampBx they are all a ways behind in that regard.

2.  If you are running an exchange in Thailand why do you need to do business with Gox?  Shouldn't your order books balance internally?

It's not an exchange it's OTC.

[dave111223]

5 days and counting.  Still not even processed yet.

Has anyone been able to withdraw USD this week?

[QuantumKiwi]

Most likely an extra process has been added to the withdrawal process to aid in the archiving of whom, and where money is going too - This helps local govt agencies to log BTC transactions.

Do becareful of large exchange's, they love getting big money for exchanging information.

[ineededausername]

5 days and counting.  Still not even processed yet.

Has anyone been able to withdraw USD this week?

I believe I did see a report of someone successfully receiving USD this week. 

[coga]

I got USD. Took a week before transfer was initiated

[CurbsideProphet]

If this is true it's absolutely ridiculous and totally negates the point of a wire.  So glad I left Gox...