Mt. Gox Bitcoin Exchange Stops US Dollar Withdrawals

Mt. Gox is currently the largest Bitcoin exchange on the internet but it has made a pretty big announcement recently in one of its press releases. Mt. Gox said it will be halting transactions involving US Dollars, but more specifically cash withdrawals involving US Dollars. This is because the situation is reportedly unstable at the moment as too many people are trying to withdraw. The investigation Mt. Gox are currently facing in the USA is causing panic and uncertainty to many hence the high level of withdrawals.

According to Mt. Gox the decision is purely based on volume – they cannot process this many US Dollar withdrawals at a time, it has nothing to do with not being able to actually process the transactions.

“This increased volume has made it difficult for our bank to process the transactions smoothly and within a timely manner, which has created unnecessary delays for our global customers. This is especially so for those in the United States who are requesting wire transfer withdrawals from their accounts”

The company has reassured customers that their funds are still totally safe and that they can continue to make US Dollar deposits as well as deposits and withdrawals in any other accepted currency. This means anyone needing their money quickly can withdraw it in another currency but at the risk of losing some due to currency conversion costs.

Image courtesy of Mt. Gox