Mt Gox Bitcoin Exchange reports continued 7-10 day delays in processing deposits

However Mt Gox reports major IT and banking upgrades are on the way.

Those in the retail forex world — who know the importance of immediate deposits and providing the immediate ability to trade once a client decides to deposit money to his/her account — will understand how serious an issue has been at play at Bitcoin exchange Mt Gox for the past several weeks.

Mt Gox reported today that client deposits to Mt Gox accounts will continue to take between 7-10 days to process. This elongated processing period began back in early July, when Mt Gox reported that due to their banks rejecting a significant number of deposits they could no longer give clients the ‘benefit of the doubt’ when wires reached their bank. Rather, Mt Gox decided to wait until the wires fully cleared, which can take 7-10 days.

On the positive side of things, Mt Gox reported that a major IT upgrade is in process. These include:

  • Akamai — Mt. Gox is now supported by Akamai, meaning that is hosted on thousands of servers all around the world. This increases the security of the Mt Gox system, and improves the speed of the website.
  • Midas Trade Engine — Mt Gox unveiled a new trading engine code named Midas, soon to be deployed after a couple of hardware updates. Mt Gox is currently bench-testing the engine at over 500,000 trades per second.

Despite these positive moves, Mt Gox needs to quickly shore up the problems with its banks and deposit procedures, or it will continue losing Bitcoin market share to rivals such as BitStamp.

For the complete Mt Gox statement click here.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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