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Author Topic: Mt.Gox AML/KYC Process Explained  (Read 57132 times)
Gemdealer
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November 26, 2013, 07:38:11 AM
 #161

I really don't see how people use Gox as Fiat cannot be withdrawn. My friend has been waiting three months and funds still not arrived.
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MikeH
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November 26, 2013, 07:44:16 AM
 #162

FYI, even though their 'funding options' page still says the bank receiving fee is approx $15 USD, it is now $42 USD..

Is that a $42 fee for receiving wire transfers? And these are taking 7-10 business days to process? You cannot be serious ...

Yes, I paid the 5% exchange rate fee/scam + $24 AUD to my bank, $25 USD to JPMorgan (intermediary bank) and $42 USD to Gox's bank.

I found out JPMorgan was involved when I called my bank but that's all they could tell me unless I wanted to pay a fee to investigate any other fees incurred.  :/

The $42 was confirmed after looking at the transaction details and talking with Gox support.

I should have stuck with sending AUD instead of USD.
eiliant
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November 26, 2013, 09:20:59 PM
 #163

I don't understand. Even though 2+ Million was seized by the Feds, they should've made enough by now to recover the losses. Why is USD Withdrawals still lagging?
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November 27, 2013, 06:27:04 PM
 #164



+1

Mtgox is a scam, disgrace and shame to bitcoin community.
Mtgox CEO and employees should all perform harakiri!

I concur.  All of this bullshit puts us right back to dealing with the corrupt fiat banks.  This defeats the purpose of Bitcoin. 

manuel
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November 27, 2013, 06:31:39 PM
 #165

After reading page 9 I think I recognize this business model.  Madoff anyone?
Epicurean
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November 29, 2013, 01:29:01 AM
 #166

I have a coin there and I have no idea how to get it. Everything is delayed for unrealistic time periods.
Does anyone have a good experience withdrawing €'s somewhere? in Germany specifically?
stevel2000
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November 29, 2013, 09:33:33 AM
 #167

I was able to pay a 5% hair cut and then wait for 3 weeks to get my money out of MtGox.

Don't know about you guys, but I'm voting with my feet, and staying away for the time being.
bernard75
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November 29, 2013, 09:52:33 AM
 #168

3 weeks? that must have been a really low amount...
stevel2000
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November 30, 2013, 12:58:50 AM
 #169

Are there information about larger amount being processed faster? the withdrawal process is so opaque with MtGox, and there seem to be tons of horror stories in these forums. Until that clears up, I for one really don't feel comfortable doing business with them again. However I'd love to reconsider if funds can start to flow freely into and out of MtGox again.

Just FYI, the amount I withdrew is about 40k USD, don't know if it is considered large or small, or somewhere in-between.
wrenchmonkey
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November 30, 2013, 01:33:35 AM
 #170

It's been a few weeks and I can't get them to answer any of my inquiries about how to get my fucking money. It originally said 5 business days to process the KYC bullshit. 6 days later, it said 10 days. Well, it's been over 10 business days, and they haven't bothered to deal with it. I've got over $3k sitting waiting to withdraw (probably not a "Large amount" for some, but it's half a month's salary for me, so it's not insignificant to me), and they're holding it hostage.

I opened a ticket, got the promise of a response within 24 hours. 4 days later, the only response I got was "We will forward this to the Verification team and you will be updated on this."

4 days to get a copy/pasted canned response from some clown named "Danny"?

No wonder Japan's economy is in the shitter...  Roll Eyes

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bernard75
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November 30, 2013, 09:10:29 AM
 #171

Just FYI, the amount I withdrew is about 40k USD, don't know if it is considered large or small, or somewhere in-between.
No need to create an altnick, its in the limbus. Congrats
soothaa
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December 02, 2013, 05:20:35 PM
 #172

It's been a few weeks and I can't get them to answer any of my inquiries about how to get my fucking money. It originally said 5 business days to process the KYC bullshit. 6 days later, it said 10 days. Well, it's been over 10 business days, and they haven't bothered to deal with it. I've got over $3k sitting waiting to withdraw (probably not a "Large amount" for some, but it's half a month's salary for me, so it's not insignificant to me), and they're holding it hostage.

I opened a ticket, got the promise of a response within 24 hours. 4 days later, the only response I got was "We will forward this to the Verification team and you will be updated on this."

4 days to get a copy/pasted canned response from some clown named "Danny"?

No wonder Japan's economy is in the shitter...  Roll Eyes
Same here.
wrenchmonkey
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December 03, 2013, 06:24:21 PM
 #173

3 weeks later, they rejected my paperwork AGAIN, with zero explanation, suggesting that I submit (among other things) my tax return information (which is what I already submitted).

What a bunch of fucking clowns.  Angry

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manuel
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December 03, 2013, 10:35:48 PM
 #174

3 weeks later, they rejected my paperwork AGAIN, with zero explanation, suggesting that I submit (among other things) my tax return information (which is what I already submitted).

What a bunch of fucking clowns.  Angry

We need to get these kind of scumbags out of the industry and get some real exchanges that understand what the whole fucking point of bitcoin is!
Wardrick
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December 04, 2013, 02:58:25 AM
 #175

3 weeks later, they rejected my paperwork AGAIN, with zero explanation, suggesting that I submit (among other things) my tax return information (which is what I already submitted).

What a bunch of fucking clowns.  Angry

They did this to me as well. My account was just verified today and I deposited BTC in there on August. I'm looking for a buyer before I move my money but I will post here if it all goes well. Don't submit to many forms or you'll have to send a notarized letter to Japan, they made me do that but I managed to get my account verified by talking to the AML team via Email.
wrenchmonkey
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December 08, 2013, 05:51:00 AM
 #176

Re-submitted even more documents to these fucking clowns. Guess that means I get to start waiting another 2+ weeks for them to get around to taking 3 seconds to look at it, and hopefully not imagine some other reason to reject it.

Anybody have any suggestions for an exchange owned/operated by somebody with some actual integrity? Gox certainly ain't it. They're either ABSURDLY incompetent, or shady as fuck. Either way, the end result is the same: They provide among the worst customer experiences ever delivered.

Bunch of feckless fucking oxygen wasters.  Roll Eyes

Block Erupter Overclocking 447 M/Hash, .006 (discounts if done in quantity) https://bitcointalk.org/index.php?topic=300206.msg3218480#msg3218480

Buy and sell mining shares (Bitfury). https://cex.io/r/1/wrenchmonkey/0/
JCviggen
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December 09, 2013, 06:31:31 PM
 #177

In terms of a smooth money withdrawal experience, Bitstamp was the best I came across. Took 1 day and was painless.

I'm actually fully verified on Gox, there was a period where they were doing verifications at high speed and little fuss (a pdf cell phone bill was all it took for me) but it doesn't matter, last time I tried to withdraw money I ended up cancelling after a month and taking a loss rebuying and checking out elsewhere. Nobody in that place can (or is allowed to) tell you when a withdrawal would go through. After several weeks they will still say they don't know where you are in the queue, except that it's quite long because of a limited amount they can push through their bank yada yada yada. It's all BS. They've been playing that song since summer, and the only reasonable explanation is that they simply do not have the funds to cover all the withdrawals. A few will trickle through just to keep up appearances but the vast majority is backlogged for many weeks at best. Gox just isn't a very attractive place to send money to right now. You can send it to other exchanges, most of them have considerably lower BTC prices than Gox and very low deposit fees. It's a vicious circle, Gox BTC rates are high because you can only really get BTC out of the place reliably, and this makes it more interesting to deposit elsewhere and transfer BTC into Gox if you wish to trade there compounding the lack of fiat coming in. Either way Gox has a liquidity issue, I have a feeling if we saw the actual numbers we'd shit bricks.
Randall Flagg
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December 10, 2013, 12:54:33 AM
 #178

You guys really wants to submit your driver license or Passport to them ? 

Where is that information will go ?  is someone will make copies and try to fake some ID out of it ?  What if they got hacked and everything is stolen ? Pretty sensitive information.
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December 10, 2013, 03:46:36 PM
 #179

In terms of a smooth money withdrawal experience, Bitstamp was the best I came across. Took 1 day and was painless.

I'm actually fully verified on Gox, there was a period where they were doing verifications at high speed and little fuss (a pdf cell phone bill was all it took for me) but it doesn't matter, last time I tried to withdraw money I ended up cancelling after a month and taking a loss rebuying and checking out elsewhere. Nobody in that place can (or is allowed to) tell you when a withdrawal would go through. After several weeks they will still say they don't know where you are in the queue, except that it's quite long because of a limited amount they can push through their bank yada yada yada. It's all BS. They've been playing that song since summer, and the only reasonable explanation is that they simply do not have the funds to cover all the withdrawals. A few will trickle through just to keep up appearances but the vast majority is backlogged for many weeks at best. Gox just isn't a very attractive place to send money to right now. You can send it to other exchanges, most of them have considerably lower BTC prices than Gox and very low deposit fees. It's a vicious circle, Gox BTC rates are high because you can only really get BTC out of the place reliably, and this makes it more interesting to deposit elsewhere and transfer BTC into Gox if you wish to trade there compounding the lack of fiat coming in. Either way Gox has a liquidity issue, I have a feeling if we saw the actual numbers we'd shit bricks.

(Gotta learn about paragraphs my friend)

Posting Nazi aside, this is exactly my experience with Gox. There was a good period for getting money in/out of Gox, but ever since HSA seized their Dwolla monies (and other issues) I've literally been unable to withdraw $USD from Gox since May 2013. I've tried multiple times, and each one ends up "pending" after MONTHS of service tickets, I'm told by GOX support to cancel the transaction. To me that's very clear.

I just gave up, bought BTC, and pulled out it at a loss. 

Avoid GOX like the plague if you need USD in/out.

TheWoodser
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December 17, 2013, 12:30:06 AM
 #180

I just want to transfer my BTC back to my wallet....But I keep getting an "Provided amount is invalid" error.

I have enough coin to withdraw the amount requested?  What gives?  Is there a minimum withdraw amount?

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