MtGox *defunct*

 

MtGox logo

 

*** MtGox is currently in Bankruptcy ***

Location: Japan

 

Review:

MtGox is one of the oldest bitcoin exchanges around. They feature the only truly multi-currency exchange, where the engine will convert between currencies in order to match up a trade. In the past they did 90% of the volume of bitcoin exchanges, but quickly lost a lot of this marketshare after the US government started applying pressure and they were cut off by their banks, creating long withdraw queues and aggravating many of its previously satisfied customers.

Banking Information:

MtGox has bank accounts in Japan as well as Poland.

 

<update oct 2013>

There have been numerous reports of extremely long withdraw delays. Currently SWIFT transfers are not going out at all unless a 5% “manual withdraw fee” is charged. There are only 10 of these wires that are permitted to be initiated daily by the bank in Japan. SEPA transfers are limited by the Polish bank, to a certain EURO per day threshold, as such EUR SEPA withdraws are going extremely slowly with upto a 2 month backlog. In addition, only one withdraw is processed per 20 days per customer.

Deposits seem to be normal.

Relevant quotes from MagicalTux:

<cyro432> I am aware of a number of delayed wire transfers over 3 weeks old
<@MagicalTux> cyro432: not much we can do right now because of US govt

< sturles> I noticed on the forum that Japanese domestic transfers come
from a new bank.  I keep watching for reports of international
wires from a new bank as well.  That would be a very good sign.
<@MagicalTux> sturles, the new bank we use for Japanese transfers is a
domestic only bank
< sturles> Oh. 🙁
<@MagicalTux> they’re the first bank we’ve seen in JApan that can do
domestic transfers without the need for faxes

< jouke> Just received an answer on my ticket: “We were bound to certain
withdrawal limits per day which forces the requests to pile up
in long queue. We suggest you to cancel all your pending
withdrawal request and make a new combined single request. So
that it be processed faster.”
<@MagicalTux> remember one thing
<@MagicalTux> if you did multiple requests, only one can be processed
every ~20 days

<@MagicalTux> “pending” means we have asked our bank to send the funds, but haven’t confirmed the debit on the bank account yet

<@MagicalTux> [20:18:44] <Blitzboom> how does a manual process work, and how much does it cost? <- you need to request it, and cost is only disclosed under a light NDA
< Luke-Jr> MagicalTux: what’s involved in “go through the manual process”? I have a wire outstanding 21 days now, didn’t realize there was more to it..
<@MagicalTux> Luke-Jr: contacting me usually works
<@MagicalTux> we’ll need the reference id for the transfer too
<@MagicalTux> (or many transfers we can send as one)

<@MagicalTux> fimp, sepa is going faster than wire right now
<@MagicalTux> except for emergency manual wires (but it’s more expensive)

<@MagicalTux> those wires are processed in received order, nothing else

<@MagicalTux> when we were in the second largest bank in Japan, we represented more than half of all the volume of SWIFT processed by that bank (almost overloading their systems a couple of times)

< sturles> SEPA has been delayed for as long as I can remember.  I wish
MtGox had more SEPA banks, but they generally don’t like
Bitcoin buisnesses.  Perhaps the one in Slovenia which
Bitstamp is using could be worth a try?  Could be troubled
with the same issue, of course.
<@MagicalTux> sturles, we already applied to that one
< sturles> MagicalTux: Great!  Lower SEPA delays would do wonders!  In
fact all good news regarding delays would be wonderful at this
time..
<@MagicalTux> sturles, we’ve been reducing SEPA delay day by day
<@MagicalTux> things are much better than one month ago
< sturles> Have your limits increased?
<@MagicalTux> nope

< samson_> MagicalTux: Would you say we’re facing a banking embargo on
the entire Bitcoin business ?
<@MagicalTux> samson_, things are not easy, but it’s far from what you
could qualify as “embargo”
< samson_> ok thanks

< sturles> Btw, there are roumous now that USD withdrawals are somehow
blocked entirely.  Is there any truth to that?  Some people
intepret this as “US government are blocking all USD
withdrawals”: <@MagicalTux> cyro432: not much we can do right
now because of US govt
<@MagicalTux> sturles, “blocked” is not the correct word
< sturles> What is the exact problem then?  You can see here how the
speculations go:
https://bitcointalk.org/index.php?topic=179586.msg2918767#msg2918767
<@MagicalTux> sturles, we are not allowed to talk about the exact problem
(doing so would only make things worse)

< SleepersTide> MagicalTux: Are Australian bank transfer withdrawals
being processed normally?
< SleepersTide> (also how long do those take?)
<@MagicalTux> SleepersTide, right now all SWIFT transfers are processed
up to the limits of our current bank (up to 10 transfers
per day – we should be able to increase that as soon as we
have more banking partners ready – it’s taking longer than
expected because of the time required by the people at the
bank to understand our business)
< sturles> MagicalTux: Why only 10 SWIFT transfers per day?  Is that
commonplace for customers in your bank?
<@MagicalTux> sturles, most companies in Japan will do one, maybe two
SWIFT transfers a month to providers overseas (actually
most will do zero)14:14 < Delerium> when you say transfers per day you mean 10 swift runs
(containing LOADS of transfers within) or literally just 10
transfers
<@MagicalTux> Delerium, literal
<@MagicalTux> when we were in the second largest bank in Japan, we
represented more than half of all the volume of SWIFT
processed by that bank (almost overloading their systems a
couple of times)

< SleepersTide> MagicalTux: Are Australian bank transfer withdrawals
being processed normally?
< SleepersTide> (also how long do those take?)
<@MagicalTux> SleepersTide, right now all SWIFT transfers are processed
up to the limits of our current bank (up to 10 transfers
per day – we should be able to increase that as soon as we
have more banking partners ready – it’s taking longer than
expected because of the time required by the people at the
bank to understand our business)
< sturles> MagicalTux: Why only 10 SWIFT transfers per day?  Is that
commonplace for customers in your bank?
<@MagicalTux> sturles, most companies in Japan will do one, maybe two
SWIFT transfers a month to providers overseas (actually
most will do zero)14:14 < Delerium> when you say transfers per day you mean 10 swift runs
(containing LOADS of transfers within) or literally just 10
transfers
<@MagicalTux> Delerium, literal
<@MagicalTux> when we were in the second largest bank in Japan, we
represented more than half of all the volume of SWIFT
processed by that bank (almost overloading their systems a
couple of times)

 

Updates from MtGox.com

Press Releases & Announcements:

 

And here are copies of all the above linked files:

 

Screen Shot 2015-03-12 at 9.05.31 AM

One thought on “MtGox *defunct*

  1. MtGox Recently has doubled their outgoing SEPA capacity EUR transfers within the EuroZone. The queue is allegedly down to 3-4 weeks.

    Still no USD (or any other currency SWIFT wire) transfers leaving Gox unless the 5% premium for “Manual Withdraw” is paid.

    Bitcoin withdraw issues are also all over the place. I made about a dozen BTC withdraws in the past few weeks, some of them took 4 or 5 days before they were processed – and that was only after messaging MagicalTux on IRC multiple times.

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