MtGox withdraw issues / freeze?

[zackron]

Hi all,

Is anyone aware of any issues with withdrawing USD funds from MtGox?  In july I went through all their hoops to get a trusted bank account setup, then August 5th I decided to do a test run, and sent them 5 BTC and sold them, and then tried to to a withdraw to the trusted account that I setup.   A week later, after waiting the requested 5 business days, I sent them a message asking about the status, and was told there was a 2 week delay in them starting transfers because they had to do them manually now or something.  So, I waited patiently...

At the 2 week mark, I was told that it would be 3 weeks....

Now, a month later, I'm being told that they have no clue when they will be able to get around to sending me my withdrawl.

Is this normal for Mt Gox?  Does anyone know of a more reliable BitCoin exchange where I won't have to wait months for my withdraw to be started?

Thanks.

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[doesntbake]

Hey, have had the same issue and thought I'd share my experience.

I sold my btc on MtGox a few weeks back and attempted to do a withdrawal. Admittedly wasn't as patient as you, but after a week when the money hadn't arrived, I emailed them instructing them to cancel the transfer. With the funds back in my account, I bought btc again, and promptly transferred them to Bitstamp.

They arrived at Bitstamp in a matter of minutes, I then sold them and initiated a bank withdrawal. I'm waiting to receive the funds (I started the transfer about 24 hours ago) but am a lot more confident that I'll receive them - touch wood.

A couple of downsides to this method:

- The price on btc increased between when I sold them on Gox, tried to transfer, then bought them back. So I lost about 2 btc in the process for no good reason (Not a huge amount, but not insignificant for me...)
- The price of btc on Bitstamp isn't as high as Gox.

I have to say though, from a usability and aesthetic point of view, Bitstamp is a vastly superior experience to Gox. Here's hoping their service lives up to it!

[b!z]

Bitstamp > Gox.
Sell all gox fiat, withdraw BTC and buy fiat again on a different exchange.

[coolbeans94]

Yep. Gox has been having withdrawal issues for a few months now. I believe some government stepped in and froze like $5 million USD worth. So you can't make withdrawals from Gox. You could buy BTC and then transfer out, or try to transfer out through some other fiat money. there are a lot more discussions about this too at http://www.reddit.com/r/Bitcoin/

[marcovaldo]

You can also read: https://bitcointalk.org/index.php?topic=179586.0

[zwanzig20]

There are a lot of troubles regarding GOX right now, the banks are make it quite difficult for gox

[b!z]

There are a lot of troubles regarding GOX right now, the banks are make it quite difficult for gox

yeah it is best to sell fiat for btc and withdraw