Banking Giant JPMorgan Shuts Down BTC-First Company Compass Mining’s Accounts

Whit Gibbs, the CEO, and co-founder of Compass Mining (a firm that provides hardware and host services for Bitcoin mining), reported through a Twitter account that JP Morgan (a U.S. bank) locked their accounts. In doing so, the bank has not given any reason to justify its move.

The responses to the shutdown

Gibbs stated while noting the incident that the bank has closed the accounts of Compass Mining because the company was incorporating the self-sovereign as well as farsighted advocates of hard money. He added that the bank should get out of the firm’s way if it cannot support it. Compass Mining, as supported by its official website, is a firm created by Bitcoin first. The objective of the company is to assist the decentralized upsurge of the hash rate as well as the network security of BTC. Compass Mining permits everyone to do BTC mining.

William Foxley, Compass Mining’s editorial director, associated the step to the firm’s Bitcoin-based model for business. He mentioned through Twitter that they were kicked out by Chase because of trading Bitcoin. The crypto community has strongly responded to the event. The users replied to the tweet of Gibbs by alleging the bank of attempting to disrupt the industry of cryptocurrency, and some other comments pointed towards the bank as being a dinosaur.

Two responses were prominent among the others. The first was from the co-founder of Citadel256 (a Canadian startup company), stating that Chase is NA’s second bank to halt miners during this week. The second was from a BTC miner who accused the institution of prohibiting his account. The miner noted that his daily spending was recently limited by Chase, and he was not able to utilize his own money as he wanted; therefore, he bought ASICs with his BTCs.

Bitcoin mining for all

Significant attention has been caught by Compass Mining previously when Jack Dorsey (Twitter’s CEO and a pro-Bitcoin) revealed that he was attempting to mine BTC by utilizing their services. The Compass Mining’s COO ‘Jameson Nunney’ responded to Dorsey’s tweet as he was pleased to have him as an advocate of BTC, a processor for them, and after that, a customer. He further stated that Dorsey’s group had helped them to a large extent.

A lot of other users blamed Chase for closing their accounts without any reason but for offering services regarding Bitcoin.

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