Bitcoin News Today: Winklevoss Accuses JPMorgan of Blocking Gemini Over Data Fee Criticism

Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, has accused JPMorgan Chase of halting the onboarding of his firm as a customer following public criticism of the bank’s proposed data access fees. Winklevoss alleges JPMorgan’s decision, which reportedly paused Gemini’s integration with its services, was a retaliatory move against his vocal opposition to the institution’s high-cost data-sharing model. The dispute centers on JPMorgan’s policy changes, which critics argue impose exorbitant charges on fintech platforms seeking access to banking data, potentially stifling competition in the financial sector [1].

Winklevoss first raised concerns in public statements on social media, criticizing JPMorgan and other banks for resisting open banking reforms. He argued that shifting to paid data feeds would undermine fintech innovation and create an uneven playing field for smaller players [2]. The Gemini co-founder further claimed that major banks, including JPMorgan, are colluding to replace free data access with profit-driven models, a practice he warned could “bankrupt fintechs” and centralize control in the hands of large institutions [3]. JPMorgan has not publicly commented on the allegations, leaving the claims unverified.

The incident has sparked broader industry concerns about anticompetitive practices in banking. Winklevoss described JPMorgan’s actions as an attempt to “silence crypto advocates” by leveraging its market dominance. This includes restricting access to banking services for companies challenging traditional financial models, a tactic critics label as “de-banking” [4]. The Gemini founder emphasized that such moves could deter institutional adoption of cryptocurrencies and hinder the development of decentralized financial systems.

The dispute highlights tensions between cryptocurrency firms and traditional banks over data accessibility and regulatory frameworks. JPMorgan’s decision to pause Gemini’s onboarding comes amid growing scrutiny of banks’ influence over open banking initiatives. Open banking, which allows third-party providers to access customer data with consent, has faced resistance from large financial institutions, who argue it poses compliance and cybersecurity risks. Winklevoss and other crypto advocates counter that these concerns are often overstated and used as pretexts to maintain monopolistic control [5].

From an analytical standpoint, the allegations underscore a critical inflection point for the financial sector. If JPMorgan’s policy changes are indeed intended to suppress competition, the move could face regulatory pushback, particularly from antitrust authorities. The Federal Trade Commission and other regulators have shown increasing interest in addressing anticompetitive practices in the fintech space. Additionally, the case raises questions about the role of large banks in shaping the future of financial infrastructure. While JPMorgan’s stated focus on risk management and compliance is standard practice, the perceived retaliation against public criticism could strain its reputation among crypto stakeholders.

The fallout also reflects broader ideological divides between traditional finance (TradFi) and crypto ecosystems. Banks like JPMorgan have historically approached cryptocurrency with skepticism, often emphasizing regulatory compliance over innovation. Winklevoss’s accusations suggest that this dynamic is intensifying as crypto firms push for greater integration with legacy financial systems. The outcome of this dispute may influence how other banks navigate the transition to a more open, data-driven financial landscape.

Sources:

[1] Tyler Winklevoss Claims JPMorgan Blocked Gemini Over Data Fee Criticism, Coinpedia, https://coinpedia.org/crypto-live-news/tyler-winklevoss-claims-jpmorgan-blocked-gemini-over-data-fee-criticism/

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

[3] Winklevoss Accuses JPMorgan of Retaliation Over Criticizing Bankster War on Open Banking, CryptoSlate, https://cryptoslate.com/winklevoss-accuses-jpmorgan-of-retaliation-over-criticizing-bankster-war-on-open-banking/

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

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