Tyler Winklevoss, Gemini co-founder, publicly accused JPMorgan Chase of pausing the crypto exchange's re-onboarding process in retaliation for his criticism of the bank's new data access policy. Winklevoss revealed via X (formerly Twitter) that JPMorgan halted operations after he condemned the bank's move to charge fintech firms for customer banking data access, calling it "anti-competitive behavior" that could "bankrupt fintechs" facilitating crypto transactions.
The dispute centers on JPMorgan's new fee structure for accessing customer data through services like Plaid, which Winklevoss argued restricts free access to banking information. In a direct message to JPMorgan CEO Jamie Dimon, he stated: "We will continue to call out this anti-competitive, rent-seeking behavior and immoral attempt to bankrupt fintech and crypto companies." This follows years of strained relations, including 2023 reports—denied by Gemini—that JPMorgan sought to end the partnership over profitability concerns.
The pause disrupts fiat transaction capabilities for Gemini users, echoing past "Operation Choke Point 2.0" debanking tensions. Historically, such conflicts trigger short-term volatility and push exchanges toward alternative banking solutions. Notably, this occurs amid Gemini's recent IPO filing with the SEC and the Winklevoss twins' political alignment with Donald Trump, whose 2024 campaign returned their excessive Bitcoin donations.