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Mt. Gox Suspends USD Withdrawals for 2 Weeks

June 21, 2013 at 5:19 by Andriy Moraru

Adding to recent disappointments at the Bitcoin exchanges, Mt. Gox cited an influx of business from emerging markets as the reason for suspending all US dollar withdrawals for two weeks. The Bitcoin market doesn’t appear much affected, as the price has risen over the past few days to back above $110. Speculation immediately hit the Bitcoin forums, however, over the future of Mt. Gox’s business, which has lost 10% of its market share in trading volume over the past month, mostly to Bitstamp, following the freezing of its Dwolla account by the Department of Homeland Security (DHS) for not registering as a Money Service Business (MSB), as required.

Mt. Gox remains the market leader by a wide margin, with over 70% of the Bitcoin trading volume, but after getting hit with $75 million lawsuit from another company and drawing fire from the DHS, the speculation hints they might be facing a temporary squeeze for dollars to contend with legal issues.

Another of their wire service providers, OKPay, had suspended business with Mt. Gox and Bitcoin, around the time of Dwolla fiasco. The USD Suspension will likely provide a boost to competitors, though smaller exchanges continue to shut down. Bitspend was the latest to cease trading this week, also citing frozen bank accounts.

BitBash was kind enough to post YouTube videos from all 24 speakers of the Inside Bitcoin conference (though the videos appear to be from various prior conferences): http://bitbash.blogspot.com/2013/06/inside-bitcoin-conference-speakers.html.

In the mainstream press, a free weekly paper featured a cover article on Bitcoin: http://www.sv411.com/index.php/2013/06/a-brief-history-bitcoins-what-comes-next-controversial-online-currency/.

Cameron and Tyler Winklevoss told TechCrunch why they’re so bullish on Bitcoin: http://techcrunch.com/2013/06/20/winklevoss-bitcoin-video-interview/.

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