Gemini founder accuses JPMorgan of retaliatory suspension of exchange re-access.

On July 26, Tyler Winklevoss, co-founder of Gemini, accused JPMorgan of suspending the re-access process for his Crypto Assets exchange Gemini due to his public criticism of the bank's latest data access policy. Winklevoss stated on social media on Friday that JPMorgan's action was a retaliatory measure after he pointed out that the bank's new policy had anti-competitive behavior and could harm the fintech and Crypto Assets industry.

"My comments last week hit a nerve with them. This week, JPMorgan told us that due to that comment, they decided to pause the process of reconnecting with Gemini. Previously, they had removed us in 'Operation ChokePoint 2.0,'" Winklevoss wrote. This controversy stems from a recent Bloomberg report that disclosed JPMorgan's decision to charge fintech companies for access to customer banking data—Winklevoss believes this move will 'bankrupt those fintech companies that support crypto purchases.'

Winklevoss accused JPMorgan of trying to restrict consumers' free access to their banking data through third-party platforms such as Plaid. Plaid is a third-party service that helps users link their bank accounts to various applications and online services. Gemini's relationship with JPMorgan has been unstable for several years. In 2023, during the Biden administration, JPMorgan allegedly asked Gemini to seek other banking partners citing profitability issues. However, at that time, Gemini denied the rumor, stating, "Despite contrary reports, the banking relationship between Gemini and JPMorgan remains intact."