Tyler Winklevoss claimed JPMorgan paused Gemini’s onboarding after he criticized the bank’s new data access fees. In a post on X dated July 26, Winklevoss said JPMorgan made the decision shortly after his public remarks. He stated the bank’s action followed his criticism of JPMorgan’s data policies as “anti-competitive.”
“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,”
Winklevoss wrote.
The JPMorgan Gemini conflict stems from a Bloomberg report, which revealed JPMorgan will charge financial technology companies for accessing customer bank data. Winklevoss responded that such fees would impact fintech firms and crypto exchanges that rely on services like Plaid to connect bank accounts with apps.
Tyler Winklevoss directly linked the bank’s decision to his earlier tweet. In that tweet, he described JPMorgan’s move as an attempt to block third-party fintech access to financial data. He also named Plaid, a platform that helps link banking data to fintech and crypto apps, as one of the targets.
He said:
“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!”
Winklevoss emphasized that JPMorgan’s plan to charge for API access would limit consumers’ control over their own financial data. Many crypto exchanges and apps depend on tools like Plaid to handle user transactions. The new JPMorgan fintech data fees could change how crypto users interact with these platforms.
Gemini had previously faced issues during what Winklevoss called “Operation ChokePoint 2.0,” a period where several crypto firms reported difficulties with banking partners. According to Winklevoss, Gemini was off-boarded by JPMorgan during that time and only recently began re-onboarding.
The JPMorgan Gemini conflict is not new. In 2023, reports circulated that JPMorgan had asked Gemini to seek a new banking partner. The reason cited in those reports was profitability. However, Gemini publicly denied this at the time.
Gemini stated in 2023:
“Despite reporting to the contrary, Gemini’s banking relationship remains intact with JPMorgan.”
Still, the current pause indicates unresolved issues. As of July 27, neither JPMorgan nor Gemini has responded to media inquiries on the matter.
This renewed friction follows the public criticism from Winklevoss. He claimed the bank retaliated against Gemini after his remarks. The bank has not issued any public comment or clarification.
In June 2025, Gemini filed paperwork with the U.S. Securities and Exchange Commission (SEC) to begin the process for an initial public offering. The filing did not include the number of shares to be offered or a price range.
Founded in 2014, Gemini raised $400 million in November 2021. The fundraise gave the crypto exchange a valuation of $7.1 billion.
Separately, Tyler and Cameron Winklevoss have shown public support forDonald Trump. They attended White House events and made Bitcoin donations to Trump’s 2024 campaign. Those donations were returned after exceeding federal limits.
This political alignment has drawn attention, especially as regulatory pressure on crypto companies continues in the U.S. The Gemini IPO 2025 process is still in early stages.
