TradeHill - shutting down trading / deposits and returning all client funds

[Jered Kenna (TradeHill)]

::::: Announcement :::::: TradeHill suspending trading and returning client funds.


 Dear Clients,


Effective immediately TradeHill will be shutting down trading / deposits and returning all client funds.  Due to increasing regulation TradeHill can not operate in it's current capacity without proper money transmission licensing. Combined with multiple bank account closures and Paxum's decision to close all Bitcoin business accounts, we have deemed the best course of action is to halt trading and pursue licensing while raising funds.

SEPA transfers for our Euro customers have been enabled.

Everyone at TradeHill has also been working without pay for several months after one of our payment processors removed over $100,000 dollars from our account without notice. We decided to cover this loss for now instead of passing it on to our customers and are taking legal action against the processor.

We will be focusing on Bitcoin.com and are preparing to release a new site before the end of the month.
It has been a pleasure working with the Bitcoin community and look forward to continuing our business in the future. More details to come soon.


Please follow our blog for more updates. tradehillblog.com

Sincerely,


Jered Kenna
Chief Executive Officer
TradeHill

Edit: We've received a lot of questions regarding donating your remaining balance to Bitcoin.com development. We've enabled a method to donate in all of the currencies and Bitcoin. 100% of these funds will go to Bitcoin.com development and keeping a community element present on the site. We have a great team lined up that we are preparing to announce and changes in the works to be released very soon. Thank you for all of your support. The Bitcoin community is what inspired us to start the exchange in the beginning and will continue to provide growth for Bitcoin.

Edit 2: We've had a few requests for an address to send Bitcoins. If you want to donate to Bitcoin.com development you can send Bitcoins to:   13Lvy1CCHi7fYHHVarGvuXnSg3ZccvGmyg

[cryptoanarchist]

 

[MiningBuddy]

I wish you all the best and good luck for the future 

[bbit]

 

[jimbobway]

You don't mind revealing the name of the payment processor that took $100K form you?  I know that Dwolla took $10K from you guys before.

[vuce]

Hoping tradehill 2.0 will be even better.

[talpan]

with the recent lack of support it hat to go down this way...

[rjk]

You don't mind revealing the name of the payment processor that took $100K form you?  I know that Dwolla took $10K from you guys before.

+1, such processors ought to be hunted down like the dogs they are. Perhaps there should be a 1 day (or more?) mandatory delay for deposits from untrusted payment processors.

[Indemnified]

Thanks Jered. I have appreciated your honesty and business ethics. I would welcome the opportunity to be an investor in your new endeavor.

[Isepick]

About how long are we looking at to get our Bitcoins back?

[Scott J]

 

[kiba]

It appears that bitcoin exchanges are the weakest link in the bitcoin economy.

[Jered Kenna (TradeHill)]

About how long are we looking at to get our Bitcoins back?

Immediately, submit a withdraw and they'll go out.

Jered

[JackH]

Name of processor would be quite important for the industry to know. First of all it will definitely keep anyone in this business away from them.

Second of all, payment processor or not, this deserves to be online so that the fuckers know we know who they are.

[Jered Kenna (TradeHill)]

You don't mind revealing the name of the payment processor that took $100K form you?  I know that Dwolla took $10K from you guys before.

Dwolla was larger than 10k and to clarify this doesn't have anything to do with the Paxum shutdown. Our relationship has been great.
We'll speak more about the processor in the future.

-Jered

[kiba]

Combined with multiple bank account closures and Paxum's decision to close all Bitcoin business accounts, we have deemed the best course of action is to halt trading and pursue licensing while raising funds.

Guys. Tradehill is not dead dead.  They just need licensing and some fundraiser, I think.

Or maybe Jered Kenna could clarify the status of Tradehill so we know that it's dead dead or just temporary dead.

[Isepick]

About how long are we looking at to get our Bitcoins back?

Immediately, submit a withdraw and they'll go out.

Jered

Thank you. Looking forward to the new site when it comes out. Good luck.


For anyone else concerned, I successfully withdrew my bitcoins from TradeHill.

[nmat]

Jered is there any way to withdraw money from TradeHill into MtGox or other exchange? Maybe through bitinstant... I'm from Europe and I have USD in TradeHill and I wanted to avoid high fees from a wire transfer + currency conversion.

[Jered Kenna (TradeHill)]

Combined with multiple bank account closures and Paxum's decision to close all Bitcoin business accounts, we have deemed the best course of action is to halt trading and pursue licensing while raising funds.

Guys. Tradehill is not dead dead.  They just need licensing and some fundraiser, I think.

Or maybe Jered Kenna could clarify the status of Tradehill so we know that it's dead dead or just temporary dead.

Exactly, specifically concerning California licensing. We can modify our existing business while we go through the licensing process. It's in depth, expensive and not trivial.

The important part now is to return the funds to the clients and move on. As Bitcoin grows compliance becomes even more important and we're taking it seriously.

Jered

[Jessynoo]

Jered is there any way to withdraw money from TradeHill into MtGox or other exchange? Maybe through bitinstant... I'm from Europe and I have USD in TradeHill and I wanted to avoid high fees from a wire transfer + currency conversion.

Hi Jered, I'm in the same situation here. A redeemable MtGox code would be ideal.
Cheers