MtGox . . . Warning about MtGox . . . TAKE THE NEW POLL!!

[||bit]

Historically, people have been able to deposit and withdraw bitcoins on MtGox without verifying identity. So, as long as you didn't want to withdraw to a bank (to fiat) no verification was needed.
Their website always read that you needed verification to withdraw to your bank. They have a statement that reads:
"Attention Users: All withdrawals and deposits require account verification."

That was no surprise since that was understood to mean for bank withdrawals & deposits.  So, I opened an anonymous account simply to trade in/out of the swings of the market. With the only intention of ever withdrawing bitcoins. And MtGox accepted my deposit without verification. So, today I wanted to withdraw bitcoin to donate to the Philippine disaster... What do you know, I see that i can't withdraw bitcoin, and amessage reads:

"Your account is currently pending review, please visit https://mtgox.com/forms/verification"

If it required verification to make a deposit, they should have never accepted my deposit. I should have received that message BEFORE being able to make a deposit. In the scammer world, this is called "bait and switch". Unless there is some misunderstanding, then because of this, I want to close my anonymous MtGox account. The stupid thing is, they may ask for my identity to close an account where I never made a bank transaction.

You have been warned. Don't deposit into MtGox to only swing or day trade bitcoin unless you are willing to jump hurdles and give up your personal info.


UPDATE:
I found this on the MtGox website [my emphasis]. So, my hope is there is some kind of misunderstanding on my part:

"TOKYO - JAPAN - May 30, 2013

Statement Regarding Account Verifications

The Bitcoin market continues to evolve, as do regulations and conditions of compliance for Mt. Gox to continue bringing secure services to our customers. It our responsibility to provide a trusted and legal exchange, and that includes making sure that we are operating within strict anti-money laundering rules and preventing other malicious activity.

As a result, beginning May 30th, 2013 all Mt. Gox user accounts are required to be verified in order to perform any currency deposits and withdrawals. Bitcoin deposits do not need verification, and at this time we are not requiring verification for Bitcoin withdrawals.

In the past two months Mt. Gox has invested in more than doubling our verification support staff, and we are currently able to process most verifications within 24~48 hours.

We apologize for any inconvenience this may cause. Please visit the Security Center in your Mt. Gox account if you are not already verified, and keep in mind that being careful to submit the proper documents will result in a much faster processing time.

Regards
Mt.Gox Co. Ltd Team."

https://www.mtgox.com/press_release_20130530.html

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[monbux]

We've known this for weeks to months, that MT.GOX sucks, horrible withdraw services and bitching verification process.  Guys, don't even touch MT.gox, this forum is a lot better, or any other exchange.

[||bit]

We've known this for weeks to months, that MT.GOX sucks, horrible withdraw services and bitching verification process.  Guys, don't even touch MT.gox, this forum is a lot better, or any other exchange.

I realize they have had issues with withdrawing dollars. But have you known for weeks that MtGox requires verification just to trade only bitcoins in & out of an anonymous account? They have essentially trapped my funds. Maybe, they are going out of business want to cease funds.

[||bit]

Has anyone seen any articles discussing any legal action against MtGox by users?

[bitvio]

I'm having this exact same issue with Bitstamp! I've deposited some bitcoins, they've changed the rules and now I'm stuck without any option to retrieve bitcoins without going through verification ... I've even tried the verification and it's not easy as they keep refusing my documents! So both Mtgox and Bitstamp are doing "bait and switch" ... which exchange can we trust ?

EDIT: actually I've just checked and the bitcoin transfer I've initiated yesterday from an unverified Mtgox account worked. So they are better then Bitstamp

[Martijnvdc]

What's the most popular alternative to Mt.Gox?

I really hate Mt.Gox...
it has horrible trading engine lag, traps people's funds, takes AGES to withdraw anything.

[js1985]

What's the most popular alternative to Mt.Gox?

I really hate Mt.Gox...
it has horrible trading engine lag, traps people's funds, takes AGES to withdraw anything.

bitstamp, they are very professional compared to mtgox cowboy attitude

[Martijnvdc]

What's the most popular alternative to Mt.Gox?

I really hate Mt.Gox...
it has horrible trading engine lag, traps people's funds, takes AGES to withdraw anything.

bitstamp, they are very professional compared to mtgox cowboy attitude

hmm.. i guess i'll give it a shot

i'm starting to think it's better to just buy/sell BTC in person

[||bit]

Let's keep this thread bumped up every now and then to serve as a "flag" in the face of MtGox. In the event they check the forums, we will at least shine light into their house on the problems that they are causing everyday people by separating them from their bitcoins. If they want to end this threads visibility, they can simply respond positively... and quit acting like verification nazi's demanding "where are your papers". Verification might be ok in rare cases. But if a person opens an anonymous account, they should just let the person trade bitcoin, and withdraw or deposit bitcoin without fear of having the nazi's lock up the funds for no common sense reasons.

They defy the spirit of bitcoin. One friend told me this is why people should avoid the exchanges and banking like institutions, and do more person to person transactions. Bitcoin was meant to free people, not enslave them to essentially the same system.

[||bit]

What's the most popular alternative to Mt.Gox?

I really hate Mt.Gox...
it has horrible trading engine lag, traps people's funds, takes AGES to withdraw anything.

bitstamp, they are very professional compared to mtgox cowboy attitude

hmm.. i guess i'll give it a shot

i'm starting to think it's better to just buy/sell BTC in person

Yeah, that is seeming to be more and more true. It's hard to beat the corporate mentality.

That MtGox would freeze an account for fear of AML (anti-money laundering) when the account can't even launder fiat money makes just zero sense. If you put bitcoin in and take it out, you still just end up with bitcoin - no fiat was laundered. And if they are fearing people will use the exchange to obfuscate the history of bitcoin transactions, then that defies common sense. Why ? Other than that who cares, you can obfuscate your bitcoins anyway with easier things like easywallet or bitfog... and apparently dark wallet (coming soon)...and other methods. So, AML really should have no affect any bitcoin-only withdrawals and deposits to accounts.

[OhShei8e]

Please no more anti-gox spam.

[||bit]

Please no more anti-gox spam.

Though I can appreciate a possible frustration with the topic from you. You call it spam, but people affected by MtGox negatively don't see it that way. Perhaps, you are a successful customer of theirs, some kind of advocate for them or just bored with the topic. Freedom of expression against a large exchanges harmful practices is not spam. The easy fix, for your concern, is don't read threads with subject headings in which you aren't interested (e.g. those with capitalized MTGOX).

[moderate]

I was never able to withdraw bitcoins from MtGox without being verified, but I'm not a long time user there (about 1 year now).

[Pangia]

MTGOX is insolvent!!!

They have no funds (USD) to send out to customers and good luck trying to withdraw your BTC's. Recently a tech savvy person posted proof that MTGOX was double spending.

Stay clear of them.

[moderate]

MTGOX is insolvent!!!

They have no funds (USD) to send out to customers and good luck trying to withdraw your BTC's. Recently a tech savvy person posted proof that MTGOX was double spending.

Stay clear of them.

Where is the double spend proof ?

[||bit]

http://bitcoinmagazine.com/7064/

[moderate]

http://bitcoinmagazine.com/7064/

double spend is an attack to the bitcoin network. What are you referring to ? There is no such thing in that link.

[||bit]

http://bitcoinmagazine.com/7064/

double spend is an attack to the bitcoin network. What are you referring to ? There is no such thing in that link.

It wasn't a response to anyone about double spending. I posted that for general reading on MtGox. Yet, I think the earlier question about solvency was what triggered me to link it.

[Rupture]

I too have a small amount stuck in there. Fuck you gox

[||bit]

I too have a small amount stuck in there. Fuck you gox

I wonder if there is anyone that reads this thread that has an MtGox account they can withdraw from. I'll put up a survey at the top.