Tyler Winklevoss claims JPMorgan paused Gemini’s onboarding after he criticized the bank’s data access fees, calling the move anti-competitive.
Gemini co-founder Tyler Winklevoss has accused JPMorgan Chase of halting the crypto exchange’s onboarding process in response to his public criticism of the bank’s new data access policy.
In a Friday post on X, Winklevoss claimed JPMorgan retaliated after he called out the banking giant’s new move as anti-competitive behavior that could harm fintech and crypto firms.
“My tweet from last week struck a nerve. This week, JPMorgan told us that because of it they were pausing their re-onboarding of Gemini as a customer after they off-boarded us during Operation ChokePoint 2.0,” the Gemini boss wrote.
The dispute stems from a recent Bloomberg report that revealed JPMorgan’s decision to charge financial technology firms for access to customer bank data — a move Winklevoss argued would “bankrupt fintechs” that facilitate crypto purchases.
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Winklevoss says JPMorgan trying to limit fintech access
Winklevoss accused JPMorgan of attempting to restrict consumers’ free access to their banking data through third-party fintech platforms like Plaid. Plaid is a third-party service that helps link financial accounts to a variety of apps and online services.
“Sorry Jamie Dimon, we’re not going to stay silent. We will continue to call out this anti-competitive, rent-seeking behavior and immoral attempt to bankrupt fintech and crypto companies. We will never stop fighting for what is right!”
Gemini’s relationship with JPMorgan has been rocky for years. In 2023, under the Biden administration, the bank reportedly asked the exchange to find another banking partner, citing profitability concerns.
However, Gemini denied the rumors. At the time, the exchange said that “despite reporting to the contrary, Gemini’s banking relationship remains intact with JPMorgan.”
Cointelegraph reached out to both Gemini and JPMorgan for comment but had not received a response by publication.
Related: Gemini to launch crypto derivatives in Europe with new license
Winklevoss twins align themselves with Trump
Tyler and Cameron Winklevoss have aligned themselves politically with Trump, contributing to his past campaign and attending several White House events. The duo even had their donations to Trump’s election campaign in 2024 returned after their Bitcoin donations exceeded the maximum amount allowed under federal law.
Last month, Gemini also filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The number of shares to be offered and the price range per share have not been determined.
Gemini was founded in 2014 by twins Cameron and Tyler Winklevoss. In November 2021, it announced a fundraise of $400 million at a valuation of $7.1 billion.
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