THE TRUTH: Can someone withdraw fiat money from MTGOX?

[S3052]

We should get some clarity on MtGox:

Are any fiat withdrawals possible or not? A while ago they suspended USD withdrawals, but mentioned that EUR and other currencies would not be affected.
However, EUR withdrawals seem not to work over the past week.

Who in the forum has the same problem or managed to withdraw fiat currencies?

If anyone from MtGox staff reads this, please be so kind and provide clarity and respond.

thank you

[klaus]

they lie when they open their mouth.

even when they answer to this post, you cant believe.

they stopped withdraws since end may/start june (!).


read this, for example.

http://mineforeman.com/2013/06/21/more-info-on-the-mtgox-temporary-hiatus-on-u-s-dollar-withdrawals/


i made the same experience ... so i can confirm this.

[MooC Tals]

https://mtgox.com/press_release_20130620.html

      TOKYO - JAPAN - June 20th, 2013
      
      Over the past weeks Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. This increased volume has made it difficult for our bank to process the transactions smoothly and within a timely manner, which has created unnecessary delays for our global customers. This is especially so for those in the United States who are requesting wire transfer withdrawals from their accounts.
      
We are currently making improvements to process withdrawals of United States Dollar (USD) denominations, and as a result are temporarily suspending cash withdrawals of USD for the next two weeks.

Please be reassured that USD deposits and transfers to Mt. Gox will remain unaffected, as will deposits and withdrawals in other currencies, and we will be resuming USD withdrawals once the process is completed.

We apologize for any inconvenience this causes our U.S. customers in the meantime, and look forward to resuming withdrawal service as well as debuting a dramatically improved trading engine which will be launching very soon.
      
   

Regards
Mt.Gox Co. Ltd Team.

Mt.Gox Contact press@mtgox.com

I suspect this was why bitcoin was being sold off from 125 to 95 about a month ago. Now that more people are finding this out more are bailing.

This is the USA government/banking people and their new rules that everyone was talking about. Interesting and expected imho.

[weareken]

We have made three USD wire transfer withdrawals starting from June 12th (8 days before their USD wire transfer suspension announcement).  They told me that even though I requested the first of the wire transfers before the announcement it was still effected.

We have not yet received any of our wire transfers and have had no updates to our support tickets or emails.  5 weeks and counting.  It's very worrisome

Has anyone else received a wire transfer in the past month, whether USD, EUR, or JPY?

[sublime5447]

doesn't look like it.  Why not just sell your bitcoins in the market place for secure methods? supposed to be p2p any ways not exchange to financial institution to peer.  

[suryc]

If this is true, it is extremely worrisome and bad for the future of bitcoin.
It means the price on MtGox is completely artificial and that price is what is driving the price on all other exchanges.
Not good.

[Chrstian]

well it doesn't really matter if the price on mtgox is artificially high. if other liquid exchanges are coping with a higher price it means that the price is valid. Anyways I requested a CAD withdrawal about 4 days ago ill let you know how it goes.

[EPiSKiNG]

I received a wire from mtgox for a large amount.  Took about 1.5 months, and a couple of support requests, but it finally came in.  They're fixing it, and within the next month or less, it should be back to normal. 

I don't think people realize how much volume gox does...  ANY exchange with similar volume will/have run into these issues.

-EP

[Aseras]

I received a wire from mtgox for a large amount.  Took about 1.5 months, and a couple of support requests, but it finally came in.  They're fixing it, and within the next month or less, it should be back to normal. 

I don't think people realize how much volume gox does...  ANY exchange with similar volume will/have run into these issues.

-EP

I cashed out $130,000 from my brokerage account last month. wire transfer was 1 minute after I called. I guarantee you my brokerage exchange account does a million time the volume gox does.

[notme]

I received a wire from mtgox for a large amount.  Took about 1.5 months, and a couple of support requests, but it finally came in.  They're fixing it, and within the next month or less, it should be back to normal. 

I don't think people realize how much volume gox does...  ANY exchange with similar volume will/have run into these issues.

-EP

I cashed out $130,000 from my brokerage account last month. wire transfer was 1 minute after I called. I guarantee you my brokerage exchange account does a million time the volume gox does.

Is your brokerage account with a startup in a different country?  Or is in a well established business that doesn't have to deal with international banking?

[EPiSKiNG]

I received a wire from mtgox for a large amount.  Took about 1.5 months, and a couple of support requests, but it finally came in.  They're fixing it, and within the next month or less, it should be back to normal. 

I don't think people realize how much volume gox does...  ANY exchange with similar volume will/have run into these issues.

-EP

I cashed out $130,000 from my brokerage account last month. wire transfer was 1 minute after I called. I guarantee you my brokerage exchange account does a million time the volume gox does.

I'll bet your brokerage account was in the USA, and you withdrew to a USA institution, right?

International wires are a different story.
Bitcoin exchanges are a different story.

I'm not saying Gox is the best thing since sliced bread, I'm just saying they're the innovator, and the leader, and shouldn't be chastised for leading the way.
-EP

[vitalemontea]

I can't.

[Duffer1]

Is there any method of withdraw available?

[notme]

Is there any method of withdraw available?

The methods are available, but there is a big queue for them to process before they get to your request.

If you need cash now, buy btc and sell it somewhere else.

[sayulita]

If you guys want your bitcoin converted to cash in your US bank accounts you should read this thread:

https://bitcointalk.org/index.php?topic=237164.0

Why not just make a bitcoin withdrawal, then load the bitcoin for sale at Bitcoin-Brokers for free, who will then broker the sale of your bitcoins...get you higher rates than MtGox rates, and pay you cash immediately into your US bank account?

No wire transfer fees, no waiting, get paid more than MtGox.

[notme]

If you guys want your bitcoin converted to cash in your US bank accounts you should read this thread:

https://bitcointalk.org/index.php?topic=237164.0

Why not just make a bitcoin withdrawal, then load the bitcoin for sale at Bitcoin-Brokers for free, who will then broker the sale of your bitcoins...get you higher rates than MtGox rates, and pay you cash immediately into your US bank account?

No wire transfer fees, no waiting, get paid more than MtGox.

Are you fully licensed to transmit money in all 50 states?  If you are not, you are putting your funds and your customer's funds at risk of seizure.

[roedieroe]

If you guys want your bitcoin converted to cash in your US bank accounts you should read this thread:

https://bitcointalk.org/index.php?topic=237164.0

Why not just make a bitcoin withdrawal, then load the bitcoin for sale at Bitcoin-Brokers for free, who will then broker the sale of your bitcoins...get you higher rates than MtGox rates, and pay you cash immediately into your US bank account?

No wire transfer fees, no waiting, get paid more than MtGox.

Are you fully licensed to transmit money in all 50 states?  If you are not, you are putting your funds and your customer's funds at risk of seizure.

Everybody loves these phrases recently, eh?  @notme, perhaps you should do some more reading re: FinCen before you try to toss BitcoinBrokers under the proverbial bus? Just my 2c, cheers

[notme]

If you guys want your bitcoin converted to cash in your US bank accounts you should read this thread:

https://bitcointalk.org/index.php?topic=237164.0

Why not just make a bitcoin withdrawal, then load the bitcoin for sale at Bitcoin-Brokers for free, who will then broker the sale of your bitcoins...get you higher rates than MtGox rates, and pay you cash immediately into your US bank account?

No wire transfer fees, no waiting, get paid more than MtGox.

Are you fully licensed to transmit money in all 50 states?  If you are not, you are putting your funds and your customer's funds at risk of seizure.

Everybody loves these phrases recently, eh?  @notme, perhaps you should do some more reading re: FinCen before you try to toss BitcoinBrokers under the proverbial bus? Just my 2c, cheers

I have read the guidance and surrounding regulations.  If I am wrong, please tell me where.  Because from my reading, if you but or sell bitcoins for another person (AKA acting as a broker), you need to be registered as a MSB and a money transmitter.  Seriously, I would love to know I am wrong so I can resume some of the activities I feel I can no longer do.

[roedieroe]

Just stick to your own nerding

[notme]

Just stick to your own nerding