Gemini

JPMorgan

Tyler

Gemini co-founder Tyler Winklevoss claims JPMorgan paused efforts to re-establish a banking relationship with the crypto exchange, following his public criticism of the bank’s new data access policy.
In a post on X, Winklevoss said the move came after he accused <a href="https://financefeeds.com/jpmorgan-eyes-crypto-backed-loans-in-strategic-pivot/" rel="noopener noreferrer nofollow">JPMorgan</a> of anti-competitive behavior in response to a recent Bloomberg report. That report outlined the bank’s decision to begin charging fintech firms for access to customer banking data, a policy that Winklevoss said would “bankrupt fintechs” that enable crypto transactions.
“My tweet from last week struck a nerve,” Winklevoss wrote. “This week, <a href="https://financefeeds.com/jpmorgan-files-trademark-for-jpmd-as-stablecoin-speculation-grows/" rel="noopener noreferrer nofollow">JPMorgan</a> told us that because of it they were pausing their re-onboarding of Gemini.”
He said the bank previously dropped Gemini during what many in the crypto industry have described as “Operation Choke Point 2.0,” referring to perceived pressure on banks to cut ties with digital asset firms under the Biden administration.
Winklevoss also accused JPMorgan of trying to restrict consumer access to personal financial data via platforms like Plaid, which connects bank accounts to third-party apps. “We’re not going to stay silent,” he added, calling the bank’s behavior “rent-seeking.”
The relationship between Gemini and <a href="https://financefeeds.com/jpmorgan-pilots-jpmd-token-on-coinbases-base-blockchain/" rel="noopener noreferrer nofollow">JPMorgan</a> has long been strained. Last year, reports surfaced that the bank asked Gemini to find another partner, though the exchange denied any formal offboarding at the time.
The dispute comes as Gemini prepares for a possible initial public offering. The exchange filed confidentially with the SEC last month. Meanwhile, the Winklevoss twins recently aligned themselves with Donald Trump, returning a portion of their crypto-linked donations after exceeding legal limits for campaign contributions.
Earlier in June, Gemini also took a public swing at the U.S. Commodity Futures Trading Commission (CFTC), accusing the agency’s enforcement division of building a seven-year case on what it says was “fraudulent whistleblower evidence,” and wasting government resources in the process.
Gemini’s lawyer Jack Baughman claimed the agency’s pursuit of the firm over its 2017 Bitcoin futures launch relied heavily on testimony from a disgruntled former executive — evidence that was later discredited in arbitration and ignored by prosecutors.
Baughman described the investigation as “abusive” and accused the Division of Enforcement (DOE) of misusing its powers to target Gemini unfairly. “This wasn’t law enforcement,” he wrote. “This was lawfare — using public resources to carry out a vendetta.”
<a href="https://financefeeds.com/gemini-eyes-public-debut-after-circles-1-05-billion-ipo-success/" rel="noopener noreferrer nofollow">Gemini</a>&nbsp;settled the case with a $5 million fine earlier this year, without admitting wrongdoing. But the exchange now argues that the episode reveals deeper problems within the agency, including what it calls a toxic culture and a tendency to pursue splashy headlines over market protection.
At the center of the dispute is Benjamin Small, Gemini’s former Chief Operating Officer. In 2017, Small filed a whistleblower complaint with the CFTC, claiming the exchange misled regulators about the integrity of its Bitcoin auction process, a critical part of launching Bitcoin futures with Cboe.
But Gemini says Small was fired for gross negligence after overseeing a rebate program that ended up costing the company over $7 million in losses — and that he launched the complaint out of revenge.
Despite that, Gemini says the&nbsp;<a href="https://financefeeds.com/new-us-bill-expands-cftc-power/" rel="noopener noreferrer nofollow">CFTC’s enforcement team</a>&nbsp;“immediately and unquestioningly” took his word and began investigating in early 2018. That probe dragged on for years, even as a private arbitrator sided with Gemini in a $5 million judgment against Small in 2022, calling him dishonest and unreliable.

Winklevoss Accuses JPMorgan of Retaliation Over Crypto Criticism

FinanceFeeds

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