Gemini co-founder Tyler Winklevoss has accused JPMorgan Chase of halting the crypto exchange’s re-onboarding process in retaliation for his public criticism of the bank’s new data access policy.
In a post on X Friday, Winklevoss claimed that JPMorgan took action after he criticized the bank’s recently announced decision to charge fintech companies for access to customer banking data — a move he labeled anti-competitive and harmful to both fintech and crypto firms.
“My tweet from last week struck a nerve. This week, JPMorgan told us they were pausing their re-onboarding of Gemini as a customer — a process that began after we were previously off-boarded during Operation Choke Point 2.0,” Winklevoss wrote.
The dispute follows a Bloomberg report revealing JPMorgan’s plan to impose fees on fintech firms accessing customer data, which Winklevoss argued could “bankrupt fintechs” that help facilitate crypto transactions.
Winklevoss accuses JPMorgan of attempting to restrict fintech access
Tyler Winklevoss has accused JPMorgan of trying to restrict consumers’ ability to freely access their banking data through third-party fintech platforms like Plaid—a service that connects financial accounts to apps and online services.
“Sorry Jamie Dimon, we’re not going to stay silent,” Winklevoss said. “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 strained for years. In 2023, amid regulatory pressure during the Biden administration, reports surfaced that the bank had asked Gemini to seek a different banking partner due to profitability concerns.
However, Gemini denied those claims, stating at the time that “despite reporting to the contrary, Gemini’s banking relationship remains intact with JPMorgan.”
Winklevoss twins voice support for Trump
Tyler and Cameron Winklevoss have publicly aligned themselves with Donald Trump, having supported his previous campaign and attended multiple White House events during his presidency. Their political support continued into the 2024 election cycle, though their Bitcoin donations to Trump’s campaign were returned after exceeding federal contribution limits.
Meanwhile, Gemini, the crypto exchange founded by the twins in 2014, filed for an initial public offering (IPO) last month with the U.S. Securities and Exchange Commission (SEC). Details such as the number of shares to be offered and the expected price range have yet to be disclosed.
Gemini previously raised $400 million in November 2021, reaching a valuation of $7.1 billion.
