‘Temporary’ Suspension of U.S. Dollar Deals by Bitcoin Exchange Mt. Gox

The main Bitcoin exchange, Tokyo-based Mt. Gox, has 'temporarily' suspended U.S. dollar withdrawals on its system for at least the next two weeks on the grounds of system overloads caused by too high demand.

According to the statement published June 20 on the virtual currency exchange website, the increasing volumes of deposits and withdrawals from 'established and upcoming' markets have resulted in an overload on its systems.

Apparently the volume of transactions 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," the statement issued by Mt. Gox concludes.

In addition, the exchange announces introduction of “....a dramatically improved trading engine" in the forthcoming period.

The latest decision has come in the wake of an event that shook Bitcoin earlier this month. Namely the US Department of Homeland Security seized Bitcoin’s Dwolla account for not being registered as a money transmitter. Further developments are expected in the coming weeks.

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