Wednesday, November 6, 2013

Withdrawals of Cash From Bitcoin Exchange Mt Gox Continues to Be Nightmare for US Citizens

WIRED magazine reports:
In all, 2013 has been a horrible year for Mt. Gox. The feds have seized $5 million from its bank accounts, claiming that Karpeles and company operated a money transmission business without properly registering with federal and state authorities. Then there’s the $75 million lawsuit with onetime-partner CoinLab. And with its U.S. bank accounts seized, Mt. Gox has had a terrible time moving money to U.S. customers, many of whom are rather uphappy about it. Although the company won’t answer questions about its problems, they appear to have spread to other countries as well. In Vancouver, Canada, owners of a bitcoin trading shop called Bitcoiniacs say that every week they deal with walk-in customers who are frustrated by their inability to get their money out of Mt. Gox.


  1. The primary choke point is the legacy banking system which doesn't know what to make of this new currency. Bitcoin and banks go together like oil and water. The key is decentralized exchanges like At some point there may not be a need to exchange into national currencies because they will likely go the way of the dinosaur.

  2. Man, almost went 6 hours without slamming Bitcoin. Thought you were going to break your record.

  3. MTgox has many problems.They will go down very soon. Also, China gov has banned all the Bitcoin exchangers. I am wondering how the "investors: will withdrawn their funds. :)