Intersango Exchange

[Robertorai]

All publicly avalible info :-

Accounting Reference Date: 30/06
Last Accounts Made Up To:  (NO ACCOUNTS FILED)
Next Accounts Due: 27/03/2013
Last Return Made Up To:
Next Return Due: 25/07/2012 OVERDUE

 

Where did you find this information?

Companies House :- http://wck2.companieshouse.gov.uk/3f8049e72bed9f5af8c463183822a2f9/wcframe?name=accessCompanyInfo

[Vladimir]

All publicly avalible info :-

Accounting Reference Date: 30/06
Last Accounts Made Up To:  (NO ACCOUNTS FILED)
Next Accounts Due: 27/03/2013
Last Return Made Up To:
Next Return Due: 25/07/2012 OVERDUE

 

Where did you find this information?

Companies House :- http://wck2.companieshouse.gov.uk/3f8049e72bed9f5af8c463183822a2f9/wcframe?name=accessCompanyInfo

This means that they have failed to file "annual return" on time with companies house and pay filing fee of 25£ or so. This often happens with limited companies that have no accountant or have amateurish directors. It takes about 10 minutes to file that return online. Sometimes it is a red flag rising suspicion that they do not intend to continue trading. But more often than not it is just a minor oversight that is easy to fix.

BTW, anyone can pay 1£ to companies house and receive more information on the company, i.e. directors, shareholders, adresses etc...

[D4CH]

It took me 8 days to recieve funds from MTGox via Euro Bank Transfer. Can you promise me you will do it faster? Because then I will change to you.

[Mushoz]

It took me 8 days to recieve funds from MTGox via Euro Bank Transfer. Can you promise me you will do it faster? Because then I will change to you.

Read my post on the previous page. I wouldn't touch Intersango with a 10-foot pole.

[rjk]

BTW, anyone can pay 1£ to companies house and receive more information on the company, i.e. directors, shareholders, adresses etc...

I'm pretty sure everyone here is too cheap to do that, so here you go: https://dl.dropbox.com/u/1306522/Intersango.zip

[Robertorai]

Filing returns late doesn't necessarily wave a massive red flag. I'm late with mine

Regarding Intersango... well I'm an FPGA miner and trade mined BTC for GBP, then send directly to a dedicated account in the UK. No KYC issues as it's easy to find out who I am, plus I live in the UK most of the time.

Currently the three previous trades went through OK and the three previous 'withdrawals' have not. Some of the withdrawals were made during the 'lockdown' period, however I was expecting the GBP (not much, only around £300-odd) to be transferred starting the 31st July.

Now I can't access https://intersango.com at all - I just get 'down for maintenance be back shortly' - rather terse and hasn't changed since I chucked a trade in around 3am.

I've been using Intersango since it was britcoin.co.uk... so not some recent customer. Think it's been over a year now.

Any other long-term UK customers getting no joy at their website? Can't even post the obvious support ticket... and I'm familiar enough with corporate banking AML procedures (having designed a global bank's KYC / CAAML procedure in the past) to know that firing emails off to Bitcoin Consultancy directors is an over-reaction until there's more info.

Hell, I've given it a few days before even checking these forums for news. The trouble is that there are people with personal agendas, grudges, confusion and also those attributing all bitcoinica losses to Intersango here - a load of FUD mixed up with genuine info.

I did think there was only *so* long Intersango could operate without a proper KYC policy - I seem to recall emailing them about this a long time ago hawking my experience (heh) but it's a lot easier to repaper existing clients than shut down in a scam and re-open... the reputation of the directors will be forever besmirched by such an action. There's nothing in it for them - given the size of Intersango's book, keeping the business open with their withdrawal and trading fees, whilst engendering the sort of positive responses seen much earlier in the thread, will be more profitable than stealing from a bunch of people that include professional traders, financial pros, lawyers, and other sorts that will give them a *seriously* hard time if stolen from.

These guys aren't anonymous. And nobody is stealing my BTC (which are legally dubious) - I traded them as soon as I transferred them... so they'd be directly stealing my GBP balance. This is different, and if Intersango wash their hands of GBP withdrawals that 'got lost', then pressure could be applied to Metro Bank, under the pretext of doing business without adequate KYC (aka criminal charges against bank's head of compliance). This wouldn't end well for the well-known directors. So I'd be surprised if the entire gig was a scam.

Comparisons with Bitcoinica are not helpful here - it sounds much more like a compliance issue with their chosen UK bank partner than large losses due to hacked wallets or accounts. And the Intersango back end is Consultancy's code... whereas AFAIK Bitcoinica's *original* source wasn't.

I must say that it's bloody unhelpful because all it does is concentrate the BTC economy's FX to the 'outside world' at one well known exchange... i.e. a single point of failure or attack by governments opposed to Bitcoin. We need multiple, secure exchanges for Bitcoin to flourish.

And as I finish writing this, their website is back up. My withdrawals, however, are still waiting. Just a backlog?

thats a very refreshing and helpful reply.

 

[CoinCidental]

I would feel more refreshed and helped if the money i gave intersango about 3 weeks ago was credited to my account istead of lies ,excuses and more lies 

[Robertorai]

Forget the snarky responses - just take a look at the action on Intersango's BTC/GBP book right now... and I thought I was clever staying up this morning till 2am or so to get a £6.32 price on my bitcoins...

I've seen Bitcoin volatility since I've been in for a while... this is interesting stuff. £7.00 for a bitcoin? And in volume, the bid/ask spread is wider than normal... guess the FUD here ain't helping the market. I wish I still had my arb bot running

What does that mean to a noob like me ?

[Robertorai]

actually I get ya now

[zebedee]

I Will believe it when I have my money........
 
The IRC Channel Intersango is full of people "sideing"  with them which believes me to think they have people in the channel trying to down talk people's arguments.
 
Phatomcircuit will speak for a bit but just copy and pastes the same info to me time and time again.  
 
I don't understand how they have access to the account but cant make deposits to our Intersango account ? Technical errors are usually fixed ASAP for customers, especially a company thats constantly having deposits made to there account. Is it that they have access but have a load of payments with no Payee ref that we put and there just going through the backlog then when they match our lost or sorry "in Limbo" (as I was quoted) money with date/time ac number etc it will appear....
 
I appreciate the update but is it really THAT helpful ? They should be taking this VERY seriously and updating the status at least daily/half daily ?  
 
This is my first experience of Intersango and its been a very off putting one. I wont be advising anyone I know to buy/invest in BTC from Intersango as this has been a COMPLETE fiasco. I work for one of the biggest companies in the world and we officially have one of the highest customer satisfaction rates in the UK. I couldnt talk about my companies and Intersango's customer support on the same day its that bad.
 
If its not in my account by Saturday I WILL be seeking legal advice.
 
*rant over*

I'm on the IRC channel and these boards.  My deposit was delayed about 12 days, and an order of magnitude larger than any of the noise I've read so far.  I'm not a shill, know no one working there, and didn't even file a ticket.  Although I think they could communicate better, everything they have said makes sense and I haven't felt any concern at all.

Remember our current financial system sucks, and is burdened with insane regulations where if you don't escalate issues, even those that seem trivial, you can run afoul of AML regulations and be prosecuted as a criminal.

People should just chill out a bit and stop assuming everything is a scam.

(If it wasn't clear my deposit cleared fine, on Wednesday)

[Binary Finery]

I'm on the IRC channel and these boards.  My deposit was delayed about 12 days, and an order of magnitude larger than any of the noise I've read so far.  I'm not a shill, know no one working there, and didn't even file a ticket.  Although I think they could communicate better, everything they have said makes sense and I haven't felt any concern at all.

Remember our current financial system sucks, and is burdened with insane regulations where if you don't escalate issues, even those that seem trivial, you can run afoul of AML regulations and be prosecuted as a criminal.

People should just chill out a bit and stop assuming everything is a scam.

(If it wasn't clear my deposit cleared fine, on Wednesday)

Well, try 3k since 11th July - outlined my woes here:
https://bitcointalk.org/index.php?topic=97465.0
 Surely Patrick has some idea how many are in the queue - why can't he just post the transaction number he's currently processing so we can all make an estimate of when our transaction may go through. The first rule in any crisis is good, clear communication and Intersango have been woeful.

[jonnybgood]

There's a not now saying that no UK transfers can be processed until metro bank "fixes access to our online account" which really should have been sorted by now....

[Binary Finery]

In view of the lack of information from Intersango - how about we start our own log to see if we can work out where everybody stands:

I'm waiting for withdrawal #32880

Anyone with a withdrawal request lower than this that has not been processed?

[Robertorai]

In view of the lack of information from Intersango - how about we start our own log to see if we can work out where everybody stands:

I'm waiting for withdrawal #32880

Anyone with a withdrawal request lower than this that has not been processed?

I deposited £100 last week, still nothing. After they said they fixed the issues and were working through the backlog I thought I would send £1 to test the waters.... Still nothing.

It states they have no access to there online banking.... it's been like this for 3 days now.

I mean come on surley they have a Buisness account ? and this would take priority to fix.   What if say MT.gox had the same issues ? Would they have to wait aswell.

I'm kinda loosing hope but at the same time I can "possibly" understand it needs further investigation but come on guys !!

Just as i'm getting my head round BTC and really liking how it all works

Being no official BTC body/Financial Ombudsman Service I cant see where and if we can ever get this sorted. C'mon Intersango !! your reading this....

With the way the market went from 6.3 or so to 7 BTC in a short time last night makes me wonder if my £100 is gonna be worth anything the time this is fixed.

[subpardave]

My deposit from the 19th just hit my account, all accounted for.

[Robertorai]

So did mines from last week

Gonna see how the rates go before I purchase ant BTC

Intersango, I apologise for my constant nagging daily on IRC/tickets/here etc.

You did have a problem and it would seem to have been sorted. But in future more official updates would be good and not to be so hostile on IRC.

Anyway, here's to BTC and Intersango, the futures bright the futures BTC

[cst]

Yay, my deposit just got in too. That was a looong wait.

[matthewh3]

Are UK withdraws working need to sell some coin soon for GBP.  Or does anyone know a better and faster way.

[Robertorai]

In view of the lack of information from Intersango - how about we start our own log to see if we can work out where everybody stands:

I'm waiting for withdrawal #32880

Anyone with a withdrawal request lower than this that has not been processed?

Yes. It says it's 'sent' but it certainly has not. #31697

I suggest everyone else join in the current panic, and anyone with GBP balances at Intersango buy Bitcoins, at whatever price is on offer (note, the ask side of the market is VERY thin right now... whodathunkit?), because you can ship your bitcoins out from Intersango without trouble. You *can't* withdraw your GBP.

And there's a possibility that Metro Bank will decide that Intersango are simply not generating the revenue to justify taking such an AML / KYC risk, because UK regs (certainly for Metro Bank...) state that the head of compliance is on the hook for serious criminal charges (7 years in jail, or was it 15? damn, did the IMC a long time ago) when knowingly dealing with a client who they *consider* to be a *possible* money laundering outfit.

Now, of course, Intersango are not a money laundering outfit. But some of their clients? The KYC is pretty thin.


Considering that the bottom 8 or so asks are speculative £100-£999000 per bitcoin, there's not a lot of liquidity. Maybe 400 BTC on offer for GBP, tops. But the bid market depth is over 1,500.

And with all the FUD here about Intersango potentially 'stealing' everyone's GBP, they're desperate to buy BTC at any price - which can be quickly sent back to their safe wallets.


TL; DR... follow the herd! If you've got any GBP on Intersango, get rid of it NOW and buy my Bitcoins (regardless of how stupidly expensive they are, ahem) - at least you can send them home and retain some value...

Damn, doing exchange arbitrage by hand is tedious and slow  

will the exchange rate go up/down anymore now that Intersango have paid out ? I paid 6.6or so for BTC last night frm MT.dox and though, "feck me my first exchange was down at £5 or so. Im not willing to lose £25 if things change i.e lower soon.

[cst]

In view of the lack of information from Intersango - how about we start our own log to see if we can work out where everybody stands:

I'm waiting for withdrawal #32880

Anyone with a withdrawal request lower than this that has not been processed?

Yes. It says it's 'sent' but it certainly has not. #31697

I suggest everyone else join in the current panic, and anyone with GBP balances at Intersango buy Bitcoins, at whatever price is on offer (note, the ask side of the market is VERY thin right now... whodathunkit?), because you can ship your bitcoins out from Intersango without trouble. You *can't* withdraw your GBP.

And there's a possibility that Metro Bank will decide that Intersango are simply not generating the revenue to justify taking such an AML / KYC risk, because UK regs (certainly for Metro Bank...) state that the head of compliance is on the hook for serious criminal charges (7 years in jail, or was it 15? damn, did the IMC a long time ago) when knowingly dealing with a client who they *consider* to be a *possible* money laundering outfit.

Now, of course, Intersango are not a money laundering outfit. But some of their clients? The KYC is pretty thin.


Considering that the bottom 8 or so asks are speculative £100-£999000 per bitcoin, there's not a lot of liquidity. Maybe 400 BTC on offer for GBP, tops. But the bid market depth is over 1,500.

And with all the FUD here about Intersango potentially 'stealing' everyone's GBP, they're desperate to buy BTC at any price - which can be quickly sent back to their safe wallets.


TL; DR... follow the herd! If you've got any GBP on Intersango, get rid of it NOW and buy my Bitcoins (regardless of how stupidly expensive they are, ahem) - at least you can send them home and retain some value...

Damn, doing exchange arbitrage by hand is tedious and slow :(  ;D

Well, the ask side just got a bit bigger like 5 mintues ago :p still, I'm not buying at those ridiculous prices, fcuk that shit :P STOP PANICKING people ;)