Compass Mining Bank Accounts Were Terminated without Any Warning

August 21, 2021

That Enforced KYC

Bitcoin mining firm Compass Mining’s bank accounts with Chase Bank, the retail banking arm of monetary services colossus JPMorgan, were ended without warning recently, as per Compass CEO Whit Gibbs.

Gibbs took to Twitter on Wednesday to declare the shutdown, composing, shoutout to Chase for shutting down Compass Mining accounts for doing our part to supplant the privileged few with self-sovereign, future-focused supporters of hard cash.

As per Gibbs, Compass found out about the account closures when its COO, Jameson Nunney, visited a local branch in Ohio to make a transaction and was told by a representative that the organization’s accounts had been frozen the other day and that Chase would hold the cash until August 27. The accounts held roughly 7% of the organization’s cash.

This is not the first run through which Chase has closed accounts having a place with crypto-related companies, or even to individuals making crypto transactions. However, Chase has also extended its crypto banking services, in any event, taking on Coinbase and Gemini as customers in 2020. Furthermore, recently, Chase started permitting its retail wealth management clients access to cryptographic money funds.

In any case, the closure of Compass Mining’s record signals that Chase might not have totally changed its view about crypto, all things considered. At the hour of distribution, a Chase spokesperson was investigating the matter and had not yet given a remark. The accounts were closed without Compass getting a letter or an email to advise them regarding the move, considerably less a clarification.

Despite the fact that Compass was informed that its record with Chase was going through an audit roughly 90 days prior, it was not provided warning about the sense of finality. Compass accepted that the survey was to decide if its record was qualified for an overhaul.

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