Crypto mining firm’s bank account shut down by JPMorgan Chase

crypto mining firm

TL;DR Breakdown

  • JPMorgan Chase, a giant in the banking sector, has sealed off the bank accounts of a crypto mining firm.
  • The firm named Compass Mining has been blocked from accessing its bank account at JPMorgan Chase.
  • The news came to light when the CEO of Compass Mining gave a statement regarding the matter on Twitter.

Twitter has long been a battleground for crypto supporters where they express their views regarding various policies and events. The recent event in the crypto market came to light when the bank account of a crypto mining firm was blocked by the banking giant JPMorgan Chase.

The CEO of the crypto mining firm took to Twitter to comment about the situation. After this tweet, the banking giant faced a lot of heat and backlash from Twitter users claiming to have received similar treatment and stating their preference to switch to a better option if possible.

Whit Gibbs, the CEO of the crypto mining firm asked JPMorgan Chase to either “get behind Bitcoin or get out of our way.”

JPMorgan’s stance on the crypto mining firm

JPMorgan has completely closed off access to the account of Compass Mining. The CEO of the firm revealed this in reply to a tweet stating:

They shut down our business account without warning or notice. We found out when one of us went into the back to send a wire to a vendor. It’s just bad business. But this is why we bitcoin.

Whit Gibbs, the CEO of Compass Mining, a crypto mining firm

JPMorgan has mostly been in favor of cryptocurrencies as it has recently allowed access to around six crypto funds which are provided by GrayScale, Osprey Funds, and NYDIG.

This was an attempt from the organization to increase the exposure to cryptocurrencies to its clients. The reason for disabling the account of Compass Mining is yet to be announced as very few details are presently available from the bank.

John Lincoln

John Lincoln

Lincoln contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.

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