World's Largest Bitcoin Exchange Announces That Anyone Depositing Currency Will Need To Be Verified

The regulatory pressure continues to heat up on the world of Bitcoin.

In the wake of the DOJ’s big case against digital currency site Liberty Reserve (which has been accused of facilitating illegal transactions), Mt. Gox, the biggest site for Bitcoin trading, has just announced a requirement that anyone depositing currency will need to be verified.

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 apologise for any inconvenience this may cause. Please visit the Security centre 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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