Gemini co-founder Tyler Winklevoss has accused JPMorgan Chase of halting the onboarding process for Crypto Exchange, responding to public criticism of the bank’s new data access policy.
In X’s Friday post, Winklevoss claimed that Jpmorgan retaliated after calling for a new move by the banking giant as anti-competitive action that could harm Fintech and Crypto companies.
“My tweet last week was nervous. This week, JPMorgan said he was pausing Gemini’s reboot as a customer after offboarding during the Chokepoint 2.0 operation,” the Gemini boss wrote.
The dispute comes from a recent Bloomberg report that revealed JPMorgan’s decision to request Financial Technology companies to access customer bank data. This claimed Winklevoss was a “bankruptcy fintech” that encouraged cryptocurrency purchases.
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Winklevoss says JPMorgan is trying to restrict Fintech access
Winklevoss accused JPMorgan of trying to restrict free access to consumer bank data through third-party fintech platforms such as Plaid. Plaid is a third-party service that helps you link your financial accounts to a variety of apps and online services.
“Sorry, Jamie Dimon, we won’t be silent, we will continue to call this anti-competitive, rent-seeking action and immoral attempt to bankrupt fintech and crypto companies.
Gemini’s relationship with jpmorgan has been rock-heavy for many years. In 2023, under the Biden administration, banks reportedly asked the exchange to find another bank partner, citing profitability concerns.
However, Gemini denied the rumors. At the time, the exchange said, “Even though it reported against the other way around, Gemini’s banking relationship remains intact with jpmorgan.”
Cointelegraph contacted both Gemini and Jpmorgan for comment, but was not responded by publishing.
Related: Gemini launches crypto derivatives in Europe using new licenses
Winklevoss Twins matched with Trump
Tyler and Cameron Winclevoss, together politically with Trump, contributed to his past campaigns and attended several White House events. The duo even donated to Trump’s election campaign in 2024 after Bitcoin contributions exceeded the maximum allowed under federal law.
Last month, Gemini also applied for an initial public offering (IPO) with the Securities and Exchange Commission (SEC). The number of shares offered and the price range per share has not been determined.
Gemini was founded in 2014 by twins Cameron and Tyler Winklevoss. In November 2021, the company announced its $400 million fundraising at a valuation of $7.1 billion.
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