Monday, September 16, 2013

World’s Largest Bitcoin Exchange Out $10 Million

Wired reports:
Mt. Gox, the Japanese-run online trading floor that had $5 million seized by federal agents earlier this year, says that it’s out another $5.3 million, fallout from the company’s legal dispute with its former U.S. partner CoinLab.

At the end of February, Mr. Gox chose CoinLab as its North American agent. The idea was that customers in the U.S. and Canada would be able to use CoinLab as a gateway to the Mt. Gox exchange. But the relationship didn’t last long. By April, it had devolved into a messy $75 million lawsuit.

According to Mt. Gox, its customers deposited about $12,800,000 into CoinLab bank accounts, and while CoinLab has handed over most of that money, it’s still sitting on $5.3 million [...]

For months now, it’s been next to impossible for Mt. Gox to get money into the U.S. Bitcoin discussion forums are filled with complaints by Mt. Got customers, who have been unable to get their money into the U.S. Banks don’t want to do business with the Japanese exchange — or bitcoin companies in general — because they fear the glare of regulatory scrutiny.

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