We have received word from our custodial wallet provider, Prime Trust, that their Money Transmitting License (MTL) renewal is taking longer than expected. There will be a temporary impact for Texas-based client wallet services until the renewal is complete.
Compass Mining clients who are residents in the state of Texas will be unable to purchase or receive funds to their Compass Mining custodial wallet after Monday, January 30. However, any funds deposited to your wallet prior to January 30th will still be available for withdrawal after that date.
We are recommending that impacted clients in the following categories take the following steps as soon as possible:
- Clients mining directly to their Compass Wallet will need to adjust their distribution address from their pool account to a different wallet address before January 30.
- Clients with listings on the Compass Mining marketplace or who plan to list units on the marketplace must proceed with Know Your Customer (KYC) identification through ID-Pal. This will ensure you receive funds from future marketplace sales.
Check out our FAQs for additional information. As always feel free to Submit a Ticket with additional questions.
Contents:
Is this temporary?
Yes, this is a part of a Prime Trust renewal process for Texas. We are under the impression that this will take 1-2 months time.
What is the Verification Process?
We will need to collect a few pieces of important information from you in order to verify your account. Below is the list of information and documents you are asked to provide when you start the verification with ID-Pal:
- Photo ID (Cannot be expired)
- Bank instructions (Bank name, account name, WIRE routing & account number)
- Proof of address for you as an individual. Proof of address must be a bank statement, utility bill, or credit card statement, dated within the last 90 days, and addressed to you as an individual
- A completed and signed IRS W-9 Form for you as an individual:https://www.irs.gov/pub/irs-pdf/fw9.pdf
- (Enterprise only) Proof of address for the entity Proof of address must be a bank statement, utility bill, or credit card statement, dated within the last 90 days, and addressed to the entity
- (Enterprise only) Proof of Entity Formation: A copy of the company’s official formation or organizational document, such as the articles of incorporation, and certificate of formation; this document must be filed with the state
- (Enterprise only) Proof of beneficial ownership of the company evidencing those entities or individuals owning 10% or more, such as an operating agreement, partnership agreement, share registry, capitalization table, or Schedule K1
- A completed and signed IRS W-9 Form for the entity: https://www.irs.gov/pub/irs-pdf/fw9.pdf
- Proof of address for the entity Proof of address must be a bank statement, utility bill, or credit card statement, dated within the last 90 days, and addressed to the entity
- Proof of Entity Formation: A copy of the company’s official formation or organizational document, such as the articles of incorporation, and certificate of formation; this document must be filed with the state
- Proof of beneficial ownership of the company evidencing those entities or individuals owning 10% or more, such as an operating agreement, partnership agreement, share registry, capitalization table, or Schedule K1
- A completed and signed IRS W-9 Form for the entity:https://www.irs.gov/pub/irs-pdf/fw9.pdf
Please click on the link below to download the ID-Pal app and complete the verification process. Please note that this can only be done on a mobile device: https://qf97.app.link/0gL69PUUZx?uuid=b03532d6
Compass will update you after the information is submitted through ID-Pal, reviewed, and processed. After completing the ID-Pal verification, you will have access to the Marketplace to list any eligible miners. If miners are sold on the Marketplace then the funds will be distributed to the bank account submitted through ID-Pal.