MTGOX Withdrawal issue

[JonHind]

Mt:Gox have a lot of money they need to refund to the credit card companies. What better way to raise these funds than to block access to people's accounts and use their BTC and $$$ reserves to pay the chargeback bills?

Also, sending photographic ID and a utility bill to a company who has very close ties to Bruce? lol.

I'm so glad I got out of MtGox when I did.

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[Nagle]

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.

Right. Mt. Gox comes under Japanese law for online money transfer companies, the Financial Settlement Act of 2009.  This allows non-bank companies to perform money transfer in Japan. Moneybookers, DoCoMo, and Western Union operate in Japan under this law. Money transfer firms have to register, be audited, and keep customer funds separate from their own.  Mt. Gox has done none of that.

[Chucksta]

I requested a withdrawal of $1000 last Friday, and I just checked my account (nearly 1 week later). The money is still on my MTGox account, and the withdrawal was cancelled !

And, I had no notice of freezing of withdrawals !!

Of course, it may have gone into the SPAM folder. I rarely ever touch that.

I have just emailed them with the details of the transaction. Now to pray

[Nagle]

There are international collection agencies. Cross-border debt collection is a routine operation today.

(Note, though, that many "international collection agencies" found on the web are just lead generation services. The usual legit deal for collection is that the agency takes 15% - 25% of the recovered amount, and no collection, no fee. Some of the slimier operators want a percentage of the original amount, which means they get paid first.)

[Chucksta]

Just in case my account has been suspended I have just sent the required scanned identification papers to:
aml@mtgox.com

as per: https://support.mtgox.com/home   SECURITY MEASURES EXPLAINED

They use the same bank as me, so hopefully there won't be any issues.

[Nagle]

What's really worrisome is that Mt. Gox has offered three different excuses for not paying since September 22. "Currently, Paxum withdrawals are delayed due to insufficient funds in our Paxum account", "Technocash has closed the Mt.Gox National Australia Bank account and the Mt.Gox Bank West account.", and "Please be aware that due to the sudden increase in AML requests, processing of submitted documentation has become slightly delayed."

Mt. Gox may be in financial trouble.

Also, Mt Gox's problems with Technocash are Mt Gox's problem, not the end users'. If Mt. Gox has money stuck in Technocash, that doesn't mean they get to delay payment to Mt Gox's customers.

[Chucksta]

Has anyone out there successfully withdrawn cash or BTC since this withdrawal problem first came about ?

[repentance]

Right. Mt. Gox comes under Japanese law for online money transfer companies, the Financial Settlement Act of 2009.  This allows non-bank companies to perform money transfer in Japan. Moneybookers, DoCoMo, and Western Union operate in Japan under this law. Money transfer firms have to register, be audited, and keep customer funds separate from their own.  Mt. Gox has done none of that.

Mt Gox could be licensed out the wazoo in Japan and it still wouldn't exempt them from having to comply with financial services legislation in other locations. Paypal Australia, Technocash, Western Union, etc don't hold Australian Financial Services Licences for shit and giggles - they do it to minimise the possibility of their bank and/or other financial institution accounts being shut down, which would put their local operations out of business if not resolved quickly.

[Bimmerhead]

Has anyone out there successfully withdrawn cash or BTC since this withdrawal problem first came about ?

+1

Good question.  My concern has reached a new level.  Sure would be nice to be able to pick up the phone to call them.

[kjj]

I just did a withdrawal from mtgox to Dwolla.  Took about 10 minutes to go through and confirm.

Then again, I'm not a raving anti-mtgox conspiracy nut, which pretty much makes me a paid shill by the standards of this thread.  So I don't expect anyone to believe me, nor to try it with their own account.

[Bimmerhead]

I just did a withdrawal from mtgox to Dwolla.  Took about 10 minutes to go through and confirm.

That's encouraging.

Then again, I'm not a raving anti-mtgox conspiracy nut, which pretty much makes me a paid shill by the standards of this thread.  So I don't expect anyone to believe me, nor to try it with their own account.

Really?  After being a customer with them for a year I'm now an anti-mtgox nut for wanting to be able to access my own money in something less than a week after providing documentation?  What would be 'reasonable' customer service in your view?

[payb.tc]

I just did a withdrawal from mtgox to Dwolla.  Took about 10 minutes to go through and confirm.

That's encouraging.

Then again, I'm not a raving anti-mtgox conspiracy nut, which pretty much makes me a paid shill by the standards of this thread.  So I don't expect anyone to believe me, nor to try it with their own account.

Really?  After being a customer with them for a year I'm now an anti-mtgox nut for wanting to be able to access my own money in something less than a week after providing documentation?  What would be 'reasonable' customer service in your view?

reasonable customer service would be email reply within 48 hours, regardless of the account status.

[Chucksta]

I just did a withdrawal from mtgox to Dwolla.  Took about 10 minutes to go through and confirm.

Then again, I'm not a raving anti-mtgox conspiracy nut, which pretty much makes me a paid shill by the standards of this thread.  So I don't expect anyone to believe me, nor to try it with their own account.

Phew! I believe you

EDIT:

I just noticed I have received an email from Mt Gox, saying to try the withdrawal again:



I'll redo the withdrawal now, and update this thread with the result.

[Nagle]

Mt Gox Customer Service says:

"[OUTAGE-12717] International Wire Deposits Delayed

Mt.Gox Support Sep-26 • Support / Outages

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."

That was back on the 26th.  It's the afternoon of the 29th in Tokyo now. Yet Mt. Gox hasn't updated their status message.

Something is very wrong.

[repentance]

Would it seriously kill them to hire a dedicated customer support representative to respond to people's queries directly instead of just posting messages on their website?  Their attitude towards customer support has got to be costing them more per week in lost business than employing someone in that role would cost.

Edited to add that they now have a support account registered for the forum.

https://bitcointalk.org/index.php?action=profile;u=42942;sa=showPosts

Let's hope that person gets around to participating in this thread soon.

[Suggester]

Let's hope that person gets around to participating in this thread soon.

.. and that they won't bullshit us with well-written formal words that don't actually convey any meaning.

[Chucksta]

My withdrawal request has not been cancelled so far

[Litt]

My account was under review after the phishing attacks due to multiple ip log in. Took about a week for them to get things back to normal with some emailing back a forth, but my withdrawals to Dwolla takes only minutes.

Take a deep breath and write them an email expecting at least about two day delay or log on to #mtgox support channel on freenode and speak directly to MagicalTux or Neo about your concern. This is probably the fastest way to get some answers.

I hope all of you guys can get your access to your funds asap.

[payb.tc]

My account was under review after the phishing attacks due to multiple ip log in. Took about a week for them to get things back to normal with some emailing back a forth, but my withdrawals to Dwolla takes only minutes.

you got a reply from aml@mtgox.com ?

my last reply from them was *2 weeks* ago!

so someone recommends i leave a personal message for mark in irc... did that on thursday, friday and now today.

i've also last week sent a PM to 'mtgox support' on this forum, who also said they forwarded my issue to support.

[Litt]

My account was under review after the phishing attacks due to multiple ip log in. Took about a week for them to get things back to normal with some emailing back a forth, but my withdrawals to Dwolla takes only minutes.

you got a reply from aml@mtgox.com ?

my last reply from them was *2 weeks* ago!

so someone recommends i leave a personal message for mark in irc... did that on thursday, friday and now today.

i've also last week sent a PM to 'mtgox support' on this forum, who also said they forwarded my issue to support.

It took 4 days for me to first hear from Mark after sending my first email on Sept.10 to aml@mtgox.com

I did see a pasted irc chat saying they had over 2000 account flagged for review due to earlier phishing attacks, so I wasn't too worried though at the time.