JPMorgan Suspends Gemini Following My Feedback

Gemini co-founder Tyler Winklevoss has accused JPMorgan Chase of obstructing the crypto exchange’s onboarding process following his public denunciation of the bank’s new data access policy.

In a Friday post on X, Winklevoss asserted JPMorgan retaliated after he criticized the banking titan’s latest move as anti-competitive conduct that could adversely affect fintech and crypto firms.

“My tweet from last week resonated. This week, JPMorgan informed us that due to it, they were halting their re-onboarding of Gemini as a client after they removed us during Operation ChokePoint 2.0,” the Gemini leader penned.

The conflict arises from a recent Bloomberg article that disclosed JPMorgan’s decision to impose charges on financial technology firms for access to customer banking data — a decision Winklevoss contended would “bankrupt fintechs” that enable crypto transactions.

Related: Analysts say Trump presidency marks ‘a turning point’ in US crypto policy

Winklevoss states JPMorgan is limiting fintech access

Winklevoss accused JPMorgan of trying to limit consumers’ unrestricted access to their banking data via third-party fintech solutions such as Plaid. Plaid is a third-party platform that facilitates the connection of financial accounts to a range of applications and online services.

“Apologies Jamie Dimon, we won’t remain silent. We will persist in calling out this anti-competitive, rent-seeking conduct and unethical attempt to cripple fintech and crypto enterprises. We will never cease to advocate for what is right!”

Gemini’s association with JPMorgan has faced challenges for years. In 2023, under the Biden administration, the bank allegedly requested the exchange to seek another banking partner, citing profitability issues.

Nonetheless, Gemini refuted the speculations. At the time, the exchange stated that “despite reports to the contrary, Gemini’s banking partnership remains secure with JPMorgan.”

Cointelegraph reached out to both Gemini and JPMorgan for commentary but had not received a reply by publication time.

Related: Gemini to launch crypto derivatives in Europe with new license

Winklevoss twins politically align with Trump

Tyler and Cameron Winklevoss have politically aligned themselves with Trump, contributing to his prior campaign and participating in several White House events. The duo even had their contributions to Trump’s election campaign in 2024 returned after their Bitcoin contributions surpassed the maximum permitted under federal regulations.

Last month, Gemini also filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The specific number of shares to be offered and the price range per share have not yet been established.