Topic: So I guess MtGox isn't even trying anymore ... (Read 6822 times)

A few things will change regarding Poland, things are set to go much smoother within this week.

i did. all i am saying that a proactive stance would've been better: "hi, you withdrew xxxx on yyyy, could be delayed by zzzz days due to polish aml..."


not me having to get a fit since my money is in limbo somewhere i don't know about.

We will have to check your exact withdrawal (Was it a withdrawal?). SEPA are normally and still are very smooth. Did you open a ticket?

it wouldve been nice to get a headsup that polish sepa is delayed due to aml.
not nice having to chase after my euros.
i had hoped being a trusted member would increase the speed of this, since its clear where the money is going to...?

Hello,

Your withdrawal has been confirmed as processed and should now be in your account.  Please contact our customer support at Zendesk if you have any further queries.  Thank you for your patience in this matter.

+1

the gox monopoly has got to end.  help bring an end to the monopoly.

+100

Emergency of sorts.  We sell most of our coins to direct buyers.  We unload the rest on exchanges which actually pay out funds on time. BTW: we now represent about 1 out 3 coins sold on bitfloor ).  Please please please Bitcoin buyers BUY from Bitfloor, you can get a better price!

About a week back we got a huge influx of orders in a very short period of time (like 3x our normal daily volume in span of 3 hours) just as USD/BTC was spiking.  I wasn't comfortable holding that much of the company working capital in BTC on a spike.  The other markets were saturated so I sold a moderate amount on Gox.

I guess for us they are the exchange of last resort.   We use them when there is no other good option. I knew the cashflow would be delayed, It was a calculated risk it just seems like it will be delayed more than I thought.

So why continue to use Gox?

Crap mine is 4 days behind yours and I was hoping it could clear soon.  I guess when your clears I still have a 3-5 day wait after that.   Hmm someone should make a "Gox Wait List" thread like they did for BFL so we can track the (lack of) progress in payouts.

Before someone asks "why use Dwolla if it is so slow?"  my last Gox wire took 3 days longer than Dwolla.  Nothing like paying $40 extra in fees to enjoy a 3 day longer delay.

i did a withdraw on 6/26. Today is 7/9, still NOTHING in my dwolla account.
MtGox, I would like to know where's my money.

If running a legitimate poker website but managing people's deposits "fractional reserve" style is a "ponzi scheme", I hate to think of what it'll do to Bitcoin's reputation if MtGox ever comes to be described in the media as a ponzi scheme.

http://news.cnet.com/8301-1023_3-57465457-93/poker-site-ceo-arrested-in-multimillion-ponzi-scheme/

Doesn't explain anything.

https://bitcointalksearch.org/topic/ann-mtgox-withdrawal-clarification-87086

Point 5.

But ... but ... It's all Dwolla's fault!  They are holding your money, even wire transfers!

Filing out a SAR or Form 8300 doesn't take 14-21 days.  Sorry.  It is utter BS that is your excuse.  

Six month ago wires were completed in 2 days and now it takes 21 days.  Did you forget how to fill out KYC AML paperwork?  

Furthermore the whole "it is a AML/KYC requirement" has titanic sized holes in it

A) In every delay customer support has been happy to cancel my withdrawal and let me take funds via another method (to include nearly untraceable bicoins).  If the funds were ACTUALLY held for AML investigation, assisting a customer with method to bypass the hold is CRIMINAL.  Period.   As in good way to spend next 10-20 years in a federal prison.  Once might be a mistake, but no way your staff is so utterly clueless on AML procedures to continually make the "mistake" of assisting your customers with methods to bypass an AML hold.

B) In every delay nobody ever contacts the customers.  There are no phone calls, no verification, no questions on the source of the funds.  Nothing.  Just complete silence and a long delay and then the funds go through.  The info you had on day 21 when funds are sent is the same info you had on day 1. 

C) The delay never goes away.  EVER large wire is delayed.  Even if somehow you were doing some investigating (which A&B make a insultingly stupid excuse) one would think that after 3, 4, 5, 10 wires eventually that customer could have funds deposited without delay.  Note I said without DELAY not without reporting.  Yes financial institutions have to file a SAR and 8300.  It takes all of 10 minutes to do.  Hell FinCEN makes it easy now, you can "efile" online.  The need to FILE can't explain why repeat withdraws are always DELAYED.

FILING =/= 21 day DELAY
REPORTING =/= 21 day DELAY
AML/KYC =/= 21 day DELAY
Following the law =/= 21 day DELAY

The process is always:
1) Make request
2) Wait 14-21 days (status "confirmed" = we haven't done shit because we don't have the money)
3) Day x (varies from 15 to 22 days) wire goes through.  No request for info, no verification, nothing.  Just a delay and then funds go though.

Of course, publish (part of) private details on the forum... Also, those delays do not directly depend on us and we have no way to push for specific transfers. The good news is that we're almost over with this.

What I wish Mt.Gox Support would have said:

I believe that Magiclatux talked to you on IRC (Just about now) about this... Now since we cannot obviously give the details of all your transactions here on this forum I would like however to remind you that things are not as simple as you may think.

You won't avoid government scrutiny by sending a 9999.99 USD wire or send 1,000 USD every day during 10 Days, Or send 1,000 then 2,000, then 1,000.... and so on on a very short period of time. While all of these are each time below the 10,0000 USD Mark, government official ALSO make sure to check the "total" amount of withdraws you made within a certain period of time.

We hope now that you better understand the situation and what's happening to your withdrawals.

Yeah i've waited roughly 14 days for a small transfer from gox myself, I hate to say it I really like how the exchange works at gox but if theres no changes soon I'll be moving to a different exchange as well.