In Brief:
- The Bitcoin mining firm is already in talks with Silicon Valley Bank.
- It’s not a first-time Chase done with crypto mining firm.
A Global leader in financial services, JP Morgan Chase shut down Bitcoin mining firm Compass Mining’s bank accounts without warning.
The CEO of Compass Mining, Whit Gibbs, announced via Twitter that Chase bank has closed the company’s bank accounts without prior notice.
“Shoutout of Chase for shutting down Compass mining account for doing our part to replace the old guard with self-sovereign, future-focused supporters of hard money.”
This is not the first time Chase took action like this with the crypto mining company or crypto-retailers. The Gibbs noted the comment that “company is already in talks with Silicon Valley Bank, the same bank that helped Companies like Coinbase secure bank accounts in its early days.”
Also Read: Compass Mining Partners With the Choice IRA to Allow Tax Free Mining
“In talks. SVB has been fantastic,” said Gibbs.
“Fortunately, the company doesn’t entrust its finance solely in one duty-ass institution so business operations move on as usual,” the CEO of crypto mining explained. He also told clients that there is nothing to worry about the latest development. The reason behind Chase’s decision is not apparent, as is how Compass Mining plans to move forward following account cancellations.
