JPMorgan Pauses Gemini Partnership Amid Fintech Data Fee Dispute

JPMorgan Chase & Co. has suspended its collaboration with cryptocurrency exchange Gemini amid a contentious dispute over fees for fintech data access. The development follows public criticism from Tyler Winklevoss, co-founder of Gemini, who accused the bank of retaliating against his calls for transparency in data pricing policies. Winklevoss alleged that JPMorgan’s recent decision to charge fintech companies for accessing user banking data could destabilize crypto platforms like Gemini, which rely on such data to facilitate crypto transactions [1]. The bank confirmed the pause in its partnership with Gemini but declined to comment on the specifics of the relationship [2].

The dispute centers on JPMorgan’s implementation of fees for data intermediaries—firms that connect users to crypto services by accessing their bank account information. Winklevoss, a vocal advocate for open banking, criticized the move as anti-competitive, arguing it disproportionately targets crypto companies. “We’re not going to stay silent,” he wrote on X, vowing to continue challenging what he described as “rent-seeking” behavior by the bank [3]. His criticism reportedly coincided with JPMorgan halting Gemini’s re-onboarding process, a reversal of the bank’s earlier decision to cut ties during the 2022 “Operation Choke Point 2.0” campaign, which saw traditional banks distancing from crypto firms [4].

JPMorgan defended the fees as necessary for security, stating that data intermediaries often misuse its infrastructure by submitting excessive requests—over two billion monthly, with more than 90% unrelated to actual fintech services. The bank emphasized that the fee structure would limit data access to requests explicitly initiated by customers, reducing potential misuse [5]. However, analysts have noted that the lack of standardized pricing models for fintech data access leaves room for subjective interpretations of “fair” pricing, complicating partnerships between banks and crypto platforms [6].

The conflict underscores broader tensions between traditional financial institutions and crypto firms as they navigate regulatory and commercial challenges. Despite CEO Jamie Dimon’s public skepticism toward cryptocurrencies, JPMorgan has expanded its blockchain initiatives, including a joint venture with Citigroup to enter the stablecoin market [7]. This duality—advocating for digital finance while imposing restrictive data policies—has drawn scrutiny. The Gemini dispute highlights how banks balance innovation with profit margins, particularly in sectors where regulatory clarity remains limited.

The outcome of this conflict could influence industry practices. If JPMorgan’s actions are perceived as retaliatory or inconsistent with its stated support for crypto innovation, it may deter fintech firms from engaging with traditional banks. Conversely, a resolution that clarifies data pricing expectations could set a precedent for fairer industry standards. For now, the pause in Gemini’s onboarding process has raised concerns about potential overreach by banks seeking to assert control over emerging financial technologies [8].

Source:

[1] [Why Is JPMorgan Blocking Crypto Exchange Gemini?](https://www.coinspeaker.com/why-is-jpmorgan-blocking-crypto-exchange-gemini/)

[2] [JPMorgan Pauses Gemini Partnership Amid Fintech Data Fee Dispute](https://coinpaper.com/10208/jp-morgan-pauses-gemini-partnership-amid-fintech-data-fee-dispute)

[3] [Winklevoss accuses JPMorgan of retaliation over criticizing bankster war on open banking](https://cryptoslate.com/winklevoss-accuses-jpmorgan-of-retaliation-over-criticizing-bankster-war-on-open-banking/)

[4] [Jpmorgan And Gemini Clash Intensifies Over Data Access](https://coinarbitragebot.com/blog/jpmorgan-and-gemini-clash.html)

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

[6] [Real-Time Crypto News, Latest Cryptocurrency Updates](https://www.coinglass.com/news)

[7] [JPMorgan Pauses Gemini Partnership Amid Fintech Data Fee Dispute](https://coinpaper.com/10208/jp-morgan-pauses-gemini-partnership-amid-fintech-data-fee-dispute)

[8] [Jpmorgan And Gemini Clash Intensifies Over Data Access](https://coinarbitragebot.com/blog/jpmorgan-and-gemini-clash.html)