Mt. Gox Forces Users to Verify Accounts After Government Crackdown

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Mt. Gox Forces Verified Accounts

Mt. Gox Changes the Rules

Part of the excitement about Bitcoin is the enabling of anonymous transactions. But this capability also has caused some concerns amidst government crackdown on other anonymous exchanges, namely Liberty Reserve that has been accused of massive money laundering.

So Mt. Gox is Changing the rules. Going forward, all users must have verified accounts. Here’s the announcement.

Statement Regarding Account Verifications

The Bitcoin market continues to evolve, as do regulations and conditions of compliance for Mt. Gox to continue bringing secure services to our customers. It our responsibility to provide a trusted and legal exchange, and that includes making sure that we are operating within strict anti-money laundering rules and preventing other malicious activity.

As a result, beginning May 30th, 2013 all Mt. Gox user accounts are required to be verified in order to perform any currency deposits and withdrawals. Bitcoin deposits do not need verification, and at this time we are not requiring verification for Bitcoin withdrawals.

In the past two months Mt. Gox has invested in more than doubling our verification support staff, and we are currently able to process most verifications within 24~48 hours.

We apologize for any inconvenience this may cause. Please visit the Security Center in your Mt. Gox account if you are not already verified, and keep in mind that being careful to submit the proper documents will result in a much faster processing time.

Mt.Gox Co. Ltd Team.

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One Response to Mt. Gox Forces Users to Verify Accounts After Government Crackdown

  1. [...] or steal them. Mt.Gox the world’s biggest Bitcoin exchange, announced that it would begin requiring verification for all accounts seeking to deposit or withdraw currencies other than Bitcoin, that means users [...]

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