MTGOX Withdrawal issue

[bitcoinTrader]

Hi,

I am not able to withdraw anything from bitcoins or dollars from mtgox.

Getting below message:
Your account is currently pending review, please contact aml@mtgox.com

Do I need to send any documents?
Also, why is it under review in the first place?

Please help

[kjj]

Well, the first thing I'd do would be to contact mtgox.  If that doesn't work, I think I would then check any of the dozens of other identical threads here on the forums to see what the other people did.

[candoo]

send them a copy of your passport and a copy of a bill with your adress

[Nagle]

Well, the first thing I'd do would be to contact mtgox.  If that doesn't work, I think I would then check any of the dozens of other identical threads here on the forums to see what the other people did.

What's wrong with this picture?

The fact that a lot of people over a period of months have reported problems getting money out of Mt. Gox is a major red flag.

[bitcoinTrader]

Inspite of repeated attempts to know why account is under review, there is no clear reply

[kjj]

Well, the first thing I'd do would be to contact mtgox.  If that doesn't work, I think I would then check any of the dozens of other identical threads here on the forums to see what the other people did.

What's wrong with this picture?

The fact that a lot of people over a period of months have reported problems getting money out of Mt. Gox is a major red flag.

You know what throws up a major red flag for me?  You posted in another thread on the exact same subject, so you know perfectly well that this is an automatic system intended to reduce fraud.  And you also know that it gets resolved more or less promptly and to the satisfaction of the users.

So, do you have a hard time remembering things that happened 4 whole days ago?  Or are you just a gigantic troll?

[randomguy7]

Out of curiosity, do you use a yubikey? I wonder if yubikey users are also affected by this additional checks.

[demkd]

I am not able to withdraw anything from bitcoins or dollars from mtgox.

You can read my topic

Do I need to send any documents?

It's up to you, but now only one way to unlock your account is to email them (aml@mtgox.com) your
1. login
2. photo ID (if you don't have ID with english name you may be got a problem here)
3. utility bills with your address
4. and anything they want later.

[error]

Only a gigantic troll or a complete idiot would say that a company complying with anti-money-laundering regulations "raises a red flag." Sure it's inconvenient, but you're placing the blame at the wrong doorstep. This is one of the problems that Bitcoin solves very well, which makes every use of an exchange to obtain USD or some other fiat currency terribly ironic.

[Bimmerhead]

Only a gigantic troll or a complete idiot would say that a company complying with anti-money-laundering regulations "raises a red flag." Sure it's inconvenient, but you're placing the blame at the wrong doorstep. This is one of the problems that Bitcoin solves very well, which makes every use of an exchange to obtain USD or some other fiat currency terribly ironic.

I've been a customer with MtGox for over a year.
More than a week ago they put my account under 'pending review'.  I submitted the requested documents.  I have followed up with emails.  I am in their problem ticketing system and I am still unable to withdraw even one btc.

I don't know if that "raises a red flag" but it sure is an inconvenience and poor customer service.
 

[Nagle]

Only a gigantic troll or a complete idiot would say that a company complying with anti-money-laundering regulations "raises a red flag." Sure it's inconvenient, but you're placing the blame at the wrong doorstep. This is one of the problems that Bitcoin solves very well, which makes every use of an exchange to obtain USD or some other fiat currency terribly ironic.

I've been a customer with MtGox for over a year.
More than a week ago they put my account under 'pending review'.  I submitted the requested documents.  I have followed up with emails.  I am in their problem ticketing system and I am still unable to withdraw even one btc.

I don't know if that "raises a red flag" but it sure is an inconvenience and poor customer service.
 

I am suspicious of any money-handling business which unexpectedly shows difficulty in paying out funds. (This includes PayPal. But at least they have stated policies. I wonder if Mt. Gox is running short of cash when something like this happens.)

[bitcool]

Same here, very frustrating.

[repentance]

I am suspicious of any money-handling business which unexpectedly shows difficulty in paying out funds. (This includes PayPal. But at least they have stated policies. I wonder if Mt. Gox is running short of cash when something like this happens.)

The exchanges have repeatedly had problems with having their accounts containing user funds closed or frozen.  By now they should all have contingency plans for dealing with this issue because it's a foreseeable one and trying to fly under the radar when they adopt new deposit taking or payment processing methods does nothing to prevent it.

Likewise, users should also realise by now that if they choose to use unregulated exchanges there's a non-trivial chance that at some point they'll find access to their funds frozen because the exchanges have run afoul of either AML laws or the anti-fraud measures of the services through which they are channelling payments.

It's probably time that the exchanges explicitly stated on their websites that they cannot guarantee their users will be able to withdraw their funds "at call".  I'm quite sure that most people won't bother to read any product disclosure statements or expanded terms of service, but at least full disclosure of the circumstances under which users might not be able to access their funds immediately might cut down on the number of threads complaining about delayed withdrawals, additional user verification requirements, etc.

[Suggester]

Only a gigantic troll or a complete idiot would say that a company complying with anti-money-laundering regulations "raises a red flag." Sure it's inconvenient, but you're placing the blame at the wrong doorstep. This is one of the problems that Bitcoin solves very well, which makes every use of an exchange to obtain USD or some other fiat currency terribly ironic.

Dude, what the hell are you doing here as a moderator? They've got job openings at the NSA.
Oh wait you're already working for them, PR department. My bad.

I wonder if Mt. Gox is running short of cash when something like this happens.

Just like the police always foils a new "terrorist plot" when it's time for elections.

The exchanges have repeatedly had problems with having their accounts containing user funds closed or frozen.

Any exchanges other than Gox?

I've also had a very nasty frozen account issue with MtGox as they dealt with this whole issue very unprofessionally. You don't impose new defacto Terms of Service on your clients unilaterally before letting anyone realize what's going on much less agree to them. I got almost sick because of worrying and lack of sleep (I had a large $um of money with them) and I'm running with my cash and coins forever as soon as I get a chance.

As a sad general observation, I think the Bitcoin economy is quickly transforming into a traditional banking one, and that within a few months it'll be hard to buy or sell coins without handling personal information. Even MtGox which is technically a Japanese company clearly caved in to major banks and/or US government bullying. This could ultimately lead to the project's failure just like e-gold and others failed when the American government cracked on them. A new wave of price dropping has already started.

[repentance]

Any exchanges other than Gox?

I've also had a very nasty frozen account issue with MtGox as they dealt with this whole issue very unprofessionally. You don't impose new defacto Terms of Service on your clients unilaterally before letting anyone realize what's going on much less agree to them. I got almost sick because of worrying and lack of sleep (I had a large $um of money with them) and I'm running with my cash and coins forever as soon as I get a chance.

As a sad general observation, I think the Bitcoin economy is quickly transforming into a traditional banking one, and that within a few months it'll be hard to buy or sell coins without handling personal information. Even MtGox which is technically a Japanese company clearly caved in to major banks and/or US government bullying. This could ultimately lead to the project's failure just like e-gold and others failed when the American government cracked on them. A new wave of price dropping has already started.

TradeHill had issues with Dwolla and it's also had issues with its Australian banks requiring compliance with AML legislation.  World Bitcoin Exchange states on its website that its unlicenced and that it will comply with all AML and CTF legislation (which covers identity verification requirements).  MtGox has had issues with PayPal, its French banks, and now Technocash in Australia. 

Many of these issues are now predictable and the exchanges need to be more open about the probability of them occurring rather than allowing their users to believe that the exchanges are somehow exempt from the usual financial services laws and practises which apply in the jurisdictions in which they operate.  They can't operate effectively without local bank accounts and those bank accounts are subject to local laws.  Period.  When the exchanges didn't offer local deposit and withdrawal facilities, people complained that getting funds to and from the exchanges was too expensive and took too long.  Now they're complaining about the exchanges operating like other local financial services providers.

The exchanges themselves will almost certainly be faced with the choice of becoming licensed and regulated or ceasing operation in some locations in the future.  As the primary purpose of a business is to make money, limiting their operations to only locations where they can operate totally unregulated might not be a viable business model for the long term.  While many exchange users might prefer that the exchanges continue operating in legally grey areas, the future value of the exchanges to their owners is somewhat linked to their legitimacy.

I think there are plenty of grounds on which to criticise the exchanges, but it's important to remember that people have the option of trading Bitcoins over the counter if they don't want to provide personal information or risk their deposits being frozen if they don't provide it.  The exchanges don't need to be the be all and end all of the Bitcoin economy.

[Bimmerhead]

I think there are plenty of grounds on which to criticise the exchanges, but it's important to remember that people have the option of trading Bitcoins over the counter if they don't want to provide personal information or risk their deposits being frozen if they don't provide it.  The exchanges don't need to be the be all and end all of the Bitcoin economy.

The thing is, I HAVE provided all the personal information that mtgox requested, and my account is still blocked for withdrawals. 

I'm trying to reduce my exposure to mtgox, but they've beat me to the punch.

[repentance]

I think there are plenty of grounds on which to criticise the exchanges, but it's important to remember that people have the option of trading Bitcoins over the counter if they don't want to provide personal information or risk their deposits being frozen if they don't provide it.  The exchanges don't need to be the be all and end all of the Bitcoin economy.

The thing is, I HAVE provided all the personal information that mtgox requested, and my account is still blocked for withdrawals.  

I'm trying to reduce my exposure to mtgox, but they've beat me to the punch.

This is where I believe it's bad business practice to offer support exclusively via IRC and email.  MtGox is large enough now that it should offer phone support during set hours which are well publicised as well as committing to having someone in IRC at specific times each day.  "When we get around to answering your emails" is not an acceptable customer support model.

Looks like they're having another problem too.

Due to an unknown cause, International wire deposits made to our HSBC account cannot be located within our database at the moment. This will delay all deposits made previously and and in the future until further notice. Issue is currently being investigated and an update will be followed in 24 hours. We apologize for any inconvenience caused. If possible, please use other funding options for adding funds.

 https://support.mtgox.com/home

Database problems in businesses which have your money don't exactly inspire confidence.

[Suggester]

The thing is, I HAVE provided all the personal information that mtgox requested, and my account is still blocked for withdrawals. 

I'm trying to reduce my exposure to mtgox, but they've beat me to the punch.

Am I the only one who thinks providing personal information to a relatively unknown company whose whole database was breached 3 months ago was a bad idea?

[repentance]

The thing is, I HAVE provided all the personal information that mtgox requested, and my account is still blocked for withdrawals. 

I'm trying to reduce my exposure to mtgox, but they've beat me to the punch.

Am I the only one who thinks providing personal information to a relatively unknown company whose whole database was breached 3 months ago was a bad idea?

I think the bad idea was believing that the exchanges wouldn't require that information sooner rather than later.

[payb.tc]

Only a gigantic troll or a complete idiot would say that a company complying with anti-money-laundering regulations "raises a red flag." Sure it's inconvenient, but you're placing the blame at the wrong doorstep. This is one of the problems that Bitcoin solves very well, which makes every use of an exchange to obtain USD or some other fiat currency terribly ironic.

I've been a customer with MtGox for over a year.
More than a week ago they put my account under 'pending review'.  I submitted the requested documents.  I have followed up with emails.  I am in their problem ticketing system and I am still unable to withdraw even one btc.

I don't know if that "raises a red flag" but it sure is an inconvenience and poor customer service.
 

this pretty much mirrors my exact experience lately, too.