Update:
On Friday morning (07/11) a dispute made by a customer acting fraudulent resulted in our bank placing a hold on our account.  This unexpected and excessive hold resulted in ACH failures by our processor.  The actions of our bank we used for processing were improper and turned a minor issue into one which affected our operation.  There is an ongoing investigation by both our staff and the bank into why this happened.  BitSimple would like to emphasize that as always (and unlike any traditional exchange) there was no risk of customers losing funds.  BitSimple is the counterparty in every transaction, and as such it is self funded.  It doesn't at any point in time hold an operationally significant amount of our customer's money.  A few users were affected by disrupted payments before we suspended additional sales.  We have contacted them individually to make arrangements to settle the amount owed by alternative payment methods while we resolve the issue.

As of today, the ability for users to sell Bitcoins has been restored in a limited capability.  At the current time the only available payment option is to a PayPal account.  We are working with our ACH processor to restore other payment options and this is estimated to be completed by 07/16/2014.  We will provide further updates as they become available.  Bitcoin purchases are still currently disabled.  They will be enabled for existing customers (those who have completed a prior purchase) within the next 48 hours.  Bitcoin purchases for new customers will be enabled at a later date.  The requirements for enabling purchases for new customers will depend on the outcome of the investigation and steps by the banking partner to prevent such disruptions in the future.

We appreciate the understanding shown by our users while we work to restore payment functionality.  We understand users may have questions however we can not provide further details until both our and the bank's investigation is complete.  

Thank You,

BitSimple Staff