Gemini Accuses JPMorgan of Halting Onboarding over Criticism

Tyler Winklevoss, co-founder of the crypto exchange Gemini, has accused JPMorgan Chase of halting Gemini's onboarding as a customer in retaliation for his public criticism of the bank's new policy to charge fintech companies fees for accessing customers’ bank account data. Winklevoss argues that this move is anti-competitive and threatens to bankrupt fintechs that facilitate linking bank accounts to crypto platforms like Gemini. He highlighted that this is not the first time JPMorgan has cut ties with Gemini, referencing a previous off-boarding during what is called 'Operation ChokePoint 2.0,' a campaign allegedly targeting crypto firms as high-risk. Despite banking regulators issuing guidance to move past such restrictive practices, JPMorgan’s actions have reignited tensions between traditional finance and the crypto industry, especially under the current administration that supports crypto-friendly policies. Winklevoss has publicly challenged JPMorgan CEO Jamie Dimon, pledging to continue fighting what he describes as unfair treatment of fintech and crypto companies. This dispute underscores ongoing challenges for digital asset firms in securing stable banking relationships crucial for their operations.