Mt. Gox Puts Temporary Stop On USD Withdrawals For System Overhaul

Mt. Gox is a popular Bitcoin exchange firm that deals with Bitcoin-related transactions, whether it is transferring a physical denomination to exchange into the virtual currency, or exchanging the virtual currency for actual cash. Because of the traffic it receives, the company has been having increasing trouble keeping up with USD withdrawal requests, prompting it to stop accepting them for two weeks.

The announcement was made by Mt. Gox today, in which it explains that the number of deposits and withdrawals it is receiving from established and new customers has been growing. As such, the time span for transaction processing is growing as well, with its bank having trouble doing so fast enough to meet demand.

Mt. Gox customers around the world are experiencing delays as a result of this, but the company says that those located in the United States seeking wire transfer of funds are experiencing the worst time frames, though. To mitigate this issue, the company will not process any cash withdrawals made in the US denomination for the next two weeks.

During this period, Mt. Gox is going to "make improvements" to its USD withdrawal transactions system, which will make the process more efficient and should take care of the processing troubles. During this time period, customers won't be affected in other areas, the company reassures. Both withdrawals and deposits made in other denominations will stay the same.

Back on May 31, Mt. Gox. tacked an account verification requirement onto transactions made in non-Bitcoin currencies, doing so following shortly after the government take down of Liberty Reserve. This move aims to cover the company and help safeguard against providing a platform for criminal activities.

SOURCE: Mt. Gox