1. Patrick
    February 24, 2018 @ 3:44 pm

    I’ve had a business relationship with Chase for years and just started a mining business a few months ago. This is not good. I’ve always heard smaller local credit unions are a lot easier to work with compared with the “big box banks” but I don’t know if the same holds true for cryptocurrency related matters. Good luck and keep us posted.


  2. Anton
    February 24, 2018 @ 4:18 pm

    This is fucked up. But for some reason I’m not surprised. We use smaller private bank for the business. When opening an operation, first thing i excluded from banking options, was the Chase along with BoA.

    I’m looking into opening 2nd operating account in another small bank as a backup.


  3. Jordan Mack
    February 24, 2018 @ 5:46 pm

    No loss there. Chase is the worst bank I’ve ever dealt with.


  4. shiro
    February 24, 2018 @ 7:59 pm

    Fidelity cash management. Get to see your coinbase holdings directly on the dashboard


    • Rolf
      March 5, 2018 @ 5:00 pm

      I’ve heard Fidelity investments is very pro crypto. I like this idea.


  5. GoldKimber
    February 25, 2018 @ 2:49 pm

    Sorry to hear that! Chase has pulled many, many moronic moves like this in the past decade. You aren’t alone. Great Question here. I too have found small Credit Unions to be very welcoming. Look for one’s with sufficient mobile/web management tools to fit your needs. The only real problem we’ve run into with them has been with their anti-fraud dept. failing to white-list legitimate transactions with certain depository crypto exchanges. You may get to know those folks in the anti-fraud dept. on a first name basis when trying to conduct deposits to places like coinbase with any regularity. I do recommend staying away from ‘big box’ banks. Remember, in 2008, Bitcoin’s birth came out of their failures… it was a move to cut dependence on large banks that needed government bailouts and government regulation that resulted in so many lost jobs for the common worker. I’d look for friends elsewhere.


  6. rob
    February 26, 2018 @ 10:23 am

    I recently started a company to do small scale mining with hopes of expanding so something like Rolf has. When I went to setup the back account (Frost Bank – a Texas based bank), they told me that they could not setup accounts with anything related to crypto. I told them I am running servers, and it’s none of their business what is running on those machines – didn’t matter. I told my attorney that was setting up the company what happened, and a few days later he gave me a call. He does some work for Wells Fargo and he received a letter stating something very similar. Net-net, I’ve decided to focus my business on “computer operations and consulting” and leave it at that with anyone who asks. We will see what happens when I tie the bank account to Gemini or Coinbase for deposits…


  7. Parker Nealis
    February 27, 2018 @ 11:49 pm

    I would try Delta Community……….They are big enough to have lots of services, but are small enough to have common sense.


  8. Walter
    February 28, 2018 @ 1:48 am

    I want to put in another plug for credit unions. I’m using a very small community credit union, I know the owner and most of the employees by first name. They understand the nature of my business and are happy to provide an account.

    The trick is avoiding being labeled a money services business. That’s all sorts of paperwork and most banks aren’t setup to deal with it. For the big corporate banks, it’s easier to classify all crypto currency related companies as that and skip all the paperwork and regulatory liability.


  9. Patrick
    March 5, 2018 @ 11:41 am

    I asked a friend who works at a local small bank to inquire about me opening an account with my mining business. Below is the reply he received and gives me a clue into the thinking of a typical banker :

    “Did a little more research into the activities of your potential client and stand on my recommendation that this not be a customer we should engage with. Because of the ease of converting virtual currency into fiat currency, it is very easy for a miner (or any one that deals in virtual currency with activities similar to a miner) to be used to launder money. In addition, I have read many articles regarding the hacking vulnerability that miner’s subject themselves too, so definitely a very high-risk client that would be banked should we take on his/her relationship. Besides that, as mentioned earlier, the anonymity of the transactions is extremely high and could put the bank at risk since all of your customer’s activity would be clearing through us.

    I also reached out to our audit firm and chatted a bit about it with our auditor and she confirmed that miners pose to be one of the largest money laundering risks to a bank. So, with that, unless Angela feels differently, I would not suggest we not bank this client.

    Appreciate your patience in me getting back to you and let me now if you have any questions.”


    • Rolf
      March 5, 2018 @ 5:02 pm



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