JPMorgan Halts Gemini Banking Over Tyler Winklevoss Criticism

JPMorgan Chase & Co. has paused its efforts to re-establish a banking relationship with Gemini Trust Co. following public criticism from Tyler Winklevoss, co-founder of the cryptocurrency exchange, as disclosed on July 25, 2025. The decision underscores escalating tensions between traditional financial institutions and crypto firms over data access reforms and regulatory frameworks. Winklevoss had previously criticized JPMorgan’s stance on U.S. open banking policies, accusing the bank of stifling competition by restricting free access to banking data. The halt in re-onboarding, which occurred after Gemini was previously cut off by JPMorgan during the 2022 "Operation ChokePoint 2.0" initiative, has reignited debates about the influence of major banks on crypto liquidity and fiat-crypto gateways.

The move reflects broader concerns within the crypto community about the operational stability of exchanges. Gemini’s relationship with large banks is critical for its ability to process fiat transactions, which underpin the exchange’s operations. Winklevoss explicitly called out JPMorgan CEO Jamie Dimon, stating that the bank sought to suppress public discourse on open banking reforms. “My tweet from last week struck a nerve. This week, JPMorgan told us that because of it they were pausing their re-onboarding of @Gemini as a customer… They want us to stay silent while they quietly try to take away your right to access your banking data for free. Sorry, Jamie Dimon, we’re not going to stay silent,” Winklevoss wrote. The exchange’s ability to maintain fiat on-ramps is now in question, as such disruptions historically drive users toward stablecoins and decentralized alternatives to bypass banking restrictions.

Analysts note that this incident highlights vulnerabilities in the crypto ecosystem’s reliance on traditional financial infrastructure. Reduced access to fiat gateways could limit liquidity for major assets like Bitcoin (BTC) and Ethereum (ETH), exacerbating volatility and operational challenges for exchanges. The situation also underscores the precarious balance between regulatory compliance and innovation in the crypto sector. While JPMorgan has not publicly commented on the specific reasons for the pause, the timing aligns with ongoing industry debates over data privacy laws and anti-competitive practices in financial services.

The event further illustrates the high-stakes interplay between institutional players and crypto advocates. JPMorgan’s actions signal a strategic retrenchment in its engagement with crypto platforms amid regulatory uncertainties, while Gemini’s public pushback emphasizes the growing demand for transparency in banking practices. As the dispute unfolds, it raises critical questions about the future of open banking frameworks and the role of major banks in shaping the crypto landscape.

Source: [1] [title: JPMorgan Halts Gemini Banking Over Tyler Winklevoss Criticism] [url: https://coinmarketcap.com/community/articles/68851b205f41311c4c04fe51/]