JPMorgan Pauses Gemini Re-Onboarding Over Winklevoss Criticism of Data Access Fees

JPMorgan Chase & Co. has paused the re-onboarding of Gemini, a prominent U.S. cryptocurrency exchange, following public criticism from Gemini co-founder Tyler Winklevoss over the bank’s new data access policies. Winklevoss alleged in a July 25 tweet that JPMorgan’s decision to halt re-onboarding was a retaliatory move against his vocal opposition to the bank’s policy, which imposes fees on fintech firms for accessing customer banking data via third-party services [4]. The dispute resurfaces tensions between traditional banks and crypto platforms, particularly after Gemini was previously offboarded by JPMorgan during 2023 regulatory crackdowns, known as Operation ChokePoint 2.0 [6].

The pause in re-onboarding coincides with Gemini’s efforts to rebuild banking relationships and its recent filing for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. Critics argue that JPMorgan’s timing—weeks ahead of Gemini’s IPO—could be an attempt to undermine the exchange’s market positioning. Winklevoss has framed the policy as anti-competitive, asserting that it creates financial barriers for startups and stifles innovation in open financial systems [1]. JPMorgan’s reported plan to monetize data access via third-party services like Plaid, first highlighted by Bloomberg in early 2025, has drawn sharp criticism from crypto advocates, who warn it could centralize financial data under legacy institutions [5].

The conflict underscores a broader ideological divide in financial services. JPMorgan’s strategic shift toward monetizing infrastructure reflects a trend to prioritize short-term profits, while crypto firms and fintech startups argue that such policies hinder innovation and financial inclusion. Industry observers note that controlling data access could reshape the competitive landscape, favoring established players while disadvantaging newer entrants. This dynamic risks centralizing financial data under traditional banks, contrary to the open-systems ethos championed by many in the crypto space [8].

Despite the standoff, no immediate liquidity disruptions have been observed in crypto markets. Market participants are closely monitoring the situation, though the long-term implications for crypto exchanges’ operational liquidity and regulatory frameworks remain uncertain. The incident highlights the critical role of banking access in sustaining crypto operations, as platforms like Gemini rely on traditional financial infrastructure to facilitate customer transactions.

Analysts emphasize that JPMorgan’s approach could set a precedent for how legacy institutions navigate the rise of decentralized finance. While some, like Solana Foundation President Lily Liu, express confidence in the adaptability of open systems, others caution that the dispute may intensify debates around monopolistic practices in financial data access [7]. As the resolution unfolds, it could shape the future of bank-fintech-crypto dynamics, influencing whether open financial systems or centralized models dominate the evolving landscape.

Source:

[1] [Yahoo Finance](https://finance.yahoo.com/news/jpmorgan-allegedly-pauses-gemini-onboarding-093035902.html)

[4] [Bloomberg](https://www.bloomberg.com/news/articles/2025-07-25/tyler-winklevoss-says-jpmorgan-s-dimon-paused-onboarding-gemini-over-criticism)

[5] [Coinpaper](https://coinpaper.com/10208/jp-morgan-pauses-gemini-partnership-amid-fintech-data-fee-dispute)

[6] [XT.com](https://www.xt.com/en/blog/post/jpmorgan-halts-gemini-re-onboarding-after-tyler-winklevoss-criticism)

[7] [CoinLaw](https://coinlaw.io/gemini-jpmorgan-banking-retaliation/)

[8] [Bitcoin.com](https://news.bitcoin.com/jpmorgan-accused-of-silencing-crypto-advocates-with-hidden-de-banking-tactics/)