MT Gox Announces Mandatory Identity Verification

In what is surely a direct response to the recent shutdown of Liberty Reserve and DWOLLA businesses on money laundering allegations MT. GOX announced on there website today that they will only accept currency deposits from verified account holders. Users who already own Bitcoins will still be able to create accounts and utilize MT. GOX trading platform without identity verification. The state from MT. GOX specifically names change regulations surrounding Bitcoin and the close adherence to strict money laundering rules. The requirement for account verification also applies to users wishing to withdrawn currency from their accounts. 

The process to get verified on MT. GOX is actually quite painless. It requires a scan of a drivers license or similar government issued identification as well as a scan of a utility bill for proof of residency. The process according the website takes approximately 24-48 hours. 

Ultimately making efforts to curb money laundering will only help to further legitimize Bitcoin as a mainstream currency.

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