Mt. Gox pauses Bitcoin withdrawals citing technical issues

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World’s largest Bitcoin exchange Mt. Gox has temporarily suspended Bitcoin withdrawals with immediate effect citing technical issues.

Mt. Gox revealed that a number of customers are facing issues while withdrawing Bitcoins and their team is already looking at the issue; however, the increased number of withdrawal requests is hindering their efforts at a ‘technical level’. “To understand the issue thoroughly, the system needs to be in a static state”, said the Bitcoin exchange in a press release.

“In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes.”

Mt. Gox has revealed that customers whose Bitcoin withdrawals are pending and waiting to be processed will be returned to their wallets and once the issues have been resolved, they can re-initiate the requests. Trading platform hasn’t been affected and customers can carry out trading as usual.

An update will be provided on Monday as the team will be working right through the weekend to resolve issues and iron out any remaining issues.