- JPMorgan has paused its partnership with Gemini following criticism from Tyler Winklevoss.
- The bank and Gemini are in an ongoing dispute over banking data and fintech policies.
- Cooperation between the entities is currently on hold.
Gemini crypto exchange co-founder Tyler Winklevoss has accused JPMorgan Chase of pausing the process of re-onboarding Gemini as a client due to his public criticism of the bank's policies toward fintech companies.
Winklevoss posted his criticism on X (formerly Twitter).
Winklevoss sharply criticized JPMorgan’s decision to impose fees on fintech companies to access users' banking data. He said the decision could "bankrupt fintechs" that enable consumers to connect bank accounts to crypto companies, including Gemini, to buy cryptocurrencies.
“Sorry Jamie Dimon [CEO of JPMorgan Chase], 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 wrote.
According to the entrepreneur, it was after this message that JPMorgan announced a pause in the process of reconnecting Gemini as a client, which was previously disconnected during the so-called “Operation Choke Point 2.0” — an unofficial campaign during which some American banks stopped working with cryptocurrency companies.
In response, JPMorgan told Bloomberg that the new fees were introduced for security reasons to protect client data.
“Data intermediaries access customers’ bank accounts through our secure infrastructure, but do not always act responsibly. We receive almost two billion requests every month, and more than 90% of them do not involve actual use of fintech services. The fee structure will allow us to provide data only on direct customer requests,” the bank said in a statement.
JPMorgan declined to comment on its specific relationship with Gemini.
According to the publication, the relationship between Gemini and JPMorgan has been tense for several years. Even before US cryptocurrency policies improved under the Donald Trump administration, the bank advised Gemini to find another banking partner because the service had become unprofitable.
Despite public criticism of cryptocurrencies by JPMorgan CEO Jamie Dimon, the bank is actively developing blockchain-based products, journalists noted.
