Gemini co-founder Tyler Winklevoss has accused JPMorgan Chase of pausing the crypto exchange’s onboarding process after he publicly criticized the bank’s new data policy, calling the move “anti-competitive” and harmful to fintech innovation.
Criticism Over JPMorgan’s Data Access Fees Sparks Fallout
Winklevoss claims his recent comments on X, where he blasted JPMorgan’s decision to charge fintechs for customer bank data access, directly triggered the bank’s decision to suspend Gemini’s onboarding. The fees could “bankrupt fintechs”, he warned — particularly those enabling crypto payments.
“My tweet struck a nerve,” Winklevoss said. “This week, JPMorgan told us they’re pausing onboarding Gemini because of it.”
The issue centers on JPMorgan’s shift to monetize third-party data access via platforms like Plaid, which could severely disrupt services like crypto investing, budgeting, and payments.
Long History of Tension Between JPMorgan and Gemini
This isn’t the first time the firms have clashed. During the so-called “Operation Choke Point 2.0”, JPMorgan reportedly off-boarded Gemini in 2023. Although Gemini denied being dropped, tensions have remained high since.
The latest incident suggests Wall Street’s influence on crypto banking access remains strong, even as firms like Gemini pursue broader financial legitimacy — including an upcoming IPO filing with the SEC.
Winklevoss Twins Rally Behind Trump, Target “Big Bank Monopoly”
Tyler and Cameron Winklevoss have increasingly aligned themselves with Donald Trump’s pro-crypto policies, contributing to his campaign and attending political events. Tyler ended his X post with a message aimed at JPMorgan CEO Jamie Dimon:
“We will never stop fighting for what is right!”
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.