JPMorgan Accused: Tyler Winklevoss Claims Bank Blocked Gemini Over Public Criticism

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Tyler Winklevoss, co-founder of the prominent cryptocurrency exchange Gemini, has ignited a fresh controversy by alleging that JPMorgan Chase halted Gemini's "re-onboarding" process as a customer due to his public criticism of the banking giant. This claim, made in a recent post on X, throws a spotlight on the long-standing tensions between traditional finance and the burgeoning crypto industry.

The dispute stems from a recent Bloomberg report revealing JPMorgan's decision to charge financial technology (fintech) firms for access to customer bank data. Winklevoss vehemently argued that this move is "anti-competitive," and could "bankrupt fintechs" that facilitate crypto purchases by linking consumer bank accounts to exchanges via third-party services like Plaid. He characterized the bank's action as an "immoral attempt to bankrupt fintech and crypto companies" and asserted that Gemini would "never stop fighting for what is right."

Winklevoss's accusation suggests a direct retaliatory measure from JPMorgan, claiming the bank explicitly cited his prior critical tweets as the reason for pausing Gemini's re-onboarding. This is not the first time Gemini and JPMorgan have had a rocky relationship; Gemini was reportedly "off-boarded" by JPMorgan during what Winklevoss refers to as "Operation ChokePoint 2.0," a period of increased regulatory scrutiny on crypto firms. While Gemini previously denied rumors of a severed relationship, stating their banking partnership remained intact, the current situation indicates a renewed friction.

This incident underscores a broader debate concerning "open banking" and consumer data rights. Winklevoss alleges that banks like JPMorgan are attempting to undermine rules designed to give consumers free access to their own financial data through third-party applications, instead seeking to impose exorbitant fees. He framed this battle as critical to fostering innovation in the financial sector and aligning with what he perceives as President Donald Trump's stated goal of making the U.S. a global "crypto capital."

JPMorgan has not yet publicly addressed Winklevoss's specific allegations regarding the pausing of Gemini's re-onboarding. However, the bank has previously defended its fee structure for data access, citing the significant resources invested in building and maintaining secure systems. This ongoing saga highlights the deep-seated ideological differences and competitive pressures at play between established financial institutions and the rapidly evolving world of cryptocurrency.

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