Mt. Gox: we are taking one for the Bitcoin team

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Mt. Gox’s life hasn’t been easy… Like we already said today, the biggest exchange platform in the Bitcoin world has suspended US dollar withdrawals for two weeks. The problem, which ever it is, will only be solved in the end of the first week of July. In the meanwhile, Mt. Gox released a statement explaining the situation and apologizing to its users. Check it below.

Over the past weeks, Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. 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.

We are currently making improvements to process withdrawals of United States Dollar (USD) denominations and, as a result, are temporarily suspending cash withdrawals of USD for the next two weeks. Please be reassured that USD deposits and transfers to Mt. Gox will remain unaffected, as will deposits and withdrawals in other currencies, and we will be resuming USD withdrawals once the process is completed.

We apologize for any inconvenience this causes our U.S. customers in the meantime, and look forward to resuming withdrawal service as well as debuting a dramatically improved trading engine which will be launching very soon.

After this part, the people at Mt. Gox decided to change their speech and went in a different direction with these statements.

The pressure we brought onto the bank’s resources finally gave in and we are now working with them to find an alternative method (hence the suspension). We would have preferred to give notice if we were able to, but it was sudden for us as well.

Mt. Gox is certainly not a martyr, but it would be hard to argue that we aren’t “taking one for the team” as far as Bitcoin is concerned. We are a big target, and are absorbing the frustrations of Bitcoiners, regulators, banks and media that still doesn’t quite understand what Bitcoin is. This is a job we are happy to fill, and not just because we are compensated for it.

Our hope is that, once Bitcoin finds its place, we will be able to say that we made a difference in sorting it all out in the early days. New exchanges, business models, merchants, traders, and consumers  are rising up to innovate and create a whole new way of doing business. A lot of lawyers are getting new cars in the meantime too.

Well, like Will Ferrell would say “boy, that escalated quickly”… Who’s right in this story?

Via ubergizmo.com

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Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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