Topic: MTGox. (Read 3238 times)

where did you end up communicating with him? email? irc?

i got an email today saying 'account under review' because i hadn't sent ID yet, but i was always keeping under their withdrawal limits.

so apparently you need to send ID eventually anyway even if you stay under the limits.

sent the docs electronically, hopefully i don't need to snail mail japan.

great!  now change the title of this thread to reflect that.

He fixed the problem and he is a good guy. System is automated for phising. Everything is aok!

Hm.. here's my two bitcents:

Scan your ID-papers and utility bill(s), then you censor (with a black block), those parts of the identification that makes it possible to commit identity theft. For instance, in some countries, having the full personal identification number may be enough to do a lot of fraud. I personally know people who has submitted ID-papers to mtGox, and have censored certain parts of these documents, yet they've had their limits lifted.

That may be one option for you.

Apart from that, it appears that mtGox is working hard for the community, and for bitcoin in general, and if you don't like their business practises, you can also use other exchanges.

MtGox and TradeHill both started out pretty much arguing that financial services regulations didn't apply to them because Bitcoin's legal status hadn't been legally defined anywhere.  Each of them has encountered issues since then because of adopting that stance and it's likely that they'll be required to become compliant with local laws in more jurisdictions as time passes.  The period of time during which they were able to get away without complying with such laws was a bonus for them and their customers, but it was naive to believe it would continue long-term.

Should both companies have realised at the outset that they would eventually have issues with financial services regulations and AML laws?  Absolutely - and I suspect that they did realise that eventually their compliance would be required but they just didn't know when.  To the extent that they're requiring either account or identity verification in order to comply with the law, users have little legitimate cause for complaint - the risk of the exchange bank accounts containing user deposits being frozen indefinitely if they're non-compliant is very real and always has been.

It's also possible that MtGox has taken this measure in response to attempted fraudulent withdrawals.  God knows there have been enough threads posted here about people's MtGox accounts being the subject of unauthorised withdrawals that it would be irresponsible of them to not have measures in place to address that particular issue.  The bigger the exchanges become and the more they're turning over, the more they're going to have to implement systems which automatically take actions in respect of user accounts and then manually review those actions if necessary.  It's unlikely that MtGox knows what's going on with any particular user account unless it's flagged in some way by their system.

He's probably sleeping right now. It's night time in Tokyo. 

quick tip- log into the #mtgox channel, send him a personal query and wait like an hour or two. He will respond.
If your on eastern time, I've found 10pm-2am is a pretty good time as its morning for him and hes not so busy yet.

-Charlie

Ok. I will. Thanks.

This still doesn't explain why he asked for ID/proof of address after the customer register an account with mtgox. Being trustworthy is being honest, not deceiving your customers into putting btc/usd into your company and then ask them if you want your funds, give me your ID/proof of address.

Incraft, maybe you should contact mtgox in irc and ask him why he requires the documents from you. Maybe someone sent stolen funds to you which you sent to mtgox.

I agree with this, Mark and his team have personally gone out of their way to accomodate me.
His security is tighter than ever, and I have moved more than 60k thru my accounts just in the past month.

i clearly trust mtgox more.  i've moved way more money thru them than you i assure you and never had a problem.  the hack has made him stronger and what i see now in terms of security is much better than before.  he also has history; of being a strong supporter of the bit coin concept from the beginning as well as being charitable in helping out others in the community.

I have proof! Do you guys want to see it?

Which tos? I don't see any links to any tos on mtgox.com. What sucks isn't that mtgox requires the documents (assuming this hole story is true), it is that nobody knows about that when signing up. You sign up, deposit funds and later get your account blocked receiving an E-Mail basically saying 'oh btw if you want to access your funds, we need your id n stuff now'. Again, assuming this story is true (I don't have a clue if it is).

Yes, seriously! Put something up like "We are required to obtain ID/Proof of address if your account have heavy volume" or We are required to obtain ID/Proof of address if you want to register an account with us" Something to warn their customers before, not after the customers already deposit money or btc into their account. It's like seeing an ad in the newspaper for a lcd tv for 300 bucks retailed 800 bucks and when you get to the store, they tell you we don't have it available but you can purchase this other lcd tv for 800 bucks.

Yes, but I'm not withdrawl more than 1000 limit.

What terms of service?  MtGox doesn't have published terms of service.

In the absence of published terms of service, Mt. Gox is bound by their advertising, i.e.their web site. Which does not mention withdrawal limts..

I don't have a problem giving them my ID and proof of address as I did with Paxum. Paxum didn't get hacked and Mtgox got hacked. Who do you trust more? What happens if they get hacked again. Have you heard of Identity theft?

thats the exact documentation they asked of me when i wanted to withdrawal more than the daily $1000 limit.  that was 2 mo ago though.

don't forget; Bitcoin is a new concept and is in a highly evolving state.  anything to keep the doors open at Mtgox is worth it for now.  not ideal, but necessary i'm afraid.

personally i wouldn't make a big deal about it.  if you're making a profit doing this i would stick with it even if it means revealing your identity.  not too many Bitcoin businesses are making a profit at this moment.  and if it gets big, like i'm betting, if you're one of the last guys standing still in business your upside will be enormous.