JPMorgan Chase Shuts Down Bank Accounts of Bitcoin Mining Company

JPMorgan Chase, the American banking giant has blocked all account activities of Compass Mining, a Delaware-based Bitcoin (BTC) mining company. Compass Mining is a company that offers U.S. citizens exposure to Bitcoin mining via its private infrastructure.


JPMorgan Chase Shuts Down Bank Accounts of Bitcoin Mining Company
Image: JPMorgan Chase

Compass Mining CEO Whit Gibbs announced the news on his Twitter account. He said,

“Shoutout to Chase for shutting down Compass Mining accounts for doing our part to replace the old guard with self-sovereign, future-focused supporters of hard money. Get behind #Bitcoin or get out of our way.”

Compass Mining is known for offering mining gear and hardware hosting services for Bitcoin (BTC) mining. The company enables users to begin mining operations via its private infrastructure.


Previously, JPMorgan threw its support to the crypto ecosystem. The company was looking for blockchain talent to providing wealthy investors access to crypto funds. On Aug. 6, to offer crypto exposure to clients, JPMorgan provided access to six crypto funds in three weeks.