JPMorgan Halts Gemini Onboarding Amid Crypto CEO's Policy Criticism IPO Preparations

Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, has accused JPMorgan Chase of halting the exchange’s onboarding process following his public criticism of the bank’s new policy on financial data access. In a post on X, Winklevoss stated that JPMorgan paused Gemini’s re-onboarding—a process initiated after the bank previously terminated their relationship during what he termed “Operation ChokePoint 2.0.” The move comes as Gemini prepares for a potential initial public offering (IPO), having confidentially filed with the U.S. Securities and Exchange Commission. Winklevoss criticized JPMorgan’s policy as anti-competitive, alleging it restricts consumer access to crypto via third-party fintech services like Plaid and threatens the viability of crypto companies. He emphasized that Gemini would continue challenging what he described as “rent-seeking behavior” by the bank.

JPMorgan’s policy, revealed in a Bloomberg report, involves charging fintech firms for access to customer banking data. Winklevoss framed this as an attempt to “quietly take away your financial freedom,” while Gemini’s relationship with JPMorgan has been contentious since 2023, when reports indicated the bank had requested the exchange seek alternative banking partners. Gemini denied these claims at the time, but the latest dispute highlights escalating tensions between crypto platforms and traditional financial institutions.

The controversy underscores broader regulatory and competitive pressures in the crypto sector. Gemini, valued at $7.1 billion as of 2021, has long advocated for open access to financial data and has faced scrutiny from U.S. regulators. Winklevoss’s public feud with JPMorgan coincides with heightened political engagement, as the Winklevoss twins align with pro-crypto figures like Donald Trump. However, their recent campaign donations to Trump exceeded federal limits and were subsequently returned.

The dispute’s timing—amid Gemini’s IPO preparations—adds strategic weight. JPMorgan’s decision could impact Gemini’s operational stability ahead of a public listing, though the exchange has not disclosed specific details on its IPO plans. Analysts note that JPMorgan’s policy reflects a broader industry shift toward monetizing data access, which could intensify regulatory debates over fair competition and consumer rights. For Gemini, the challenge lies in balancing its public advocacy with the need to secure banking partnerships critical for its growth.

Sources: [1] [Tyler Winklevoss Says JPMorgan Halted Gemini Onboarding Over Public Criticism] [https://cryptonews.com/news/tyler-winklevoss-says-jpmorgan-halted-gemini-onboarding-over-public-criticism/]