Bitcoin News Today: Tyler Winklevoss accuses JPMorgan of blocking Gemini onboarding in retaliation for criticizing open banking fees

Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, has publicly accused JPMorgan Chase & Co. of halting the platform’s banking onboarding process in retaliation for his criticism of the bank’s policies. The dispute centers on open banking regulations and JPMorgan’s alleged anti-competitive tactics, which Winklevoss claims are designed to stifle innovation in the crypto and fintech sectors. The allegations emerged after Winklevoss took to social media to detail how JPMorgan paused Gemini’s re-engagement efforts days after he criticized the bank’s push to impose fees on fintech companies for accessing customer banking data [1].

Winklevoss described the move as part of a broader effort by JPMorgan and other traditional banks to restrict access to open banking systems, which are governed by a proposed Consumer Financial Protection Bureau (CFPB) rule under Section 1033. This rule would allow consumers to share their banking data with third-party apps like Plaid, enabling seamless transactions between traditional finance and crypto platforms. Winklevoss accused JPMorgan of opposing the rule to maintain control over data access and force fintech firms to pay for services they argue should be free [2]. He also linked the bank’s actions to what he called “Operation ChokePoint 2.0,” an informal campaign to pressure institutions to sever ties with crypto companies [3].

The conflict highlights tensions between crypto advocates and traditional banks, which have long been wary of digital assets. JPMorgan CEO Jamie Dimon has previously dismissed Bitcoin as a “ponzi scheme,” and the bank has faced legal battles over its role in the cryptocurrency space. Winklevoss claimed JPMorgan’s decision to freeze Gemini’s onboarding reflects a strategic attempt to protect its dominance in the financial system, even as he acknowledged the broader political implications. The CFPB’s Section 1033 rule has drawn scrutiny from both pro-crypto and anti-crypto factions, with critics like Donald Trump advocating for the U.S. to lead in crypto innovation [4].

Industry observers note that JPMorgan’s alleged actions could exacerbate existing challenges for crypto platforms. Over the past two years, several exchanges have lost banking partners due to regulatory and reputational risks. Winklevoss’s public feud with JPMorgan has reignited debates about whether traditional financial institutions are leveraging their influence to suppress competition. The FDIC has previously acknowledged “targeted efforts” against crypto firms, though it has not explicitly linked these to JPMorgan [5].

JPMorgan has not publicly responded to the claims, but its legal challenges to open banking rules suggest a strategic alignment with banks seeking to limit third-party data access. Winklevoss’s criticism of the bank’s fees—described as “paywalls” to restrict consumer choice—has framed the dispute as a fight over financial freedom. He warned that JPMorgan’s actions could harm small fintech firms and make it harder for consumers to buy Bitcoin, effectively stifling innovation in the U.S. market [6].

The fallout underscores the growing divide between traditional banking and the crypto industry. As regulators weigh the future of open banking, Winklevoss’s allegations could influence public perception and policy decisions. The outcome may determine whether crypto platforms can integrate with traditional finance or face increasing barriers from institutions like JPMorgan. For now, the lack of a response from JPMorgan leaves the dispute open, with the broader implications for financial regulation and consumer access remaining uncertain [7].

Source:

[1] [Winklevoss Calls Out JPMorgan Over Banking Backlash](https://99bitcoins.com/news/bitcoin-btc/winklevoss-says-jpmorgan-blocked-gemini-over-open-banking/)

[2] [JPMorgan Accused of Silencing Crypto Advocates With Hidden De-Banking Tactics](https://news.bitcoin.com/jpmorgan-accused-of-silencing-crypto-advocates-with-hidden-de-banking-tactics/)

[3] [JP Morgan Gemini Ties Break After Winklevoss Slams Bank](https://www.coingabbar.com/en/crypto-currency-news/jp-morgan-gemini-ties-break-after-winklevoss-slams-bank?srsltid=AfmBOopeUezUWD5m4A0e4I_-Y2ugTryeCBOOruSjMarIXehW4i1cUvOT)

[4] [Billionaire Tyler Winklevoss to JP Morgan CEO Jamie Dimon](https://timesofindia.indiatimes.com/technology/social/we-will-never-stop-fighting-for-billionaire-tyler-winklevoss-to-jp-morgan-ceo-jamie-dimon-for-rejecting-his-crypto-exchange/articleshow/122920133.cms)

[5] [Crypto Banking: Alarming Halt To Gemini Onboarding](https://bitcoinworld.co.in/crypto-banking-gemini-halt/)

[6] [BTCUSD - Tyler Winklevoss claims JPMorgan blocked Gemini...](https://mx.advfn.com/bolsa-de-valores/COIN/BTCUSD/crypto-news/96502345/tyler-winklevoss-claims-jpmorgan-blocked-gemini-ov)

[7] [Tyler Winklevoss Says JPMorgan's Dimon Paused Onboarding Gemini Over Criticism](https://www.bloomberg.com/news/articles/2025-07-25/tyler-winklevoss-says-jpmorgan-s-dimon-paused-onboarding-gemini-over-criticism)