JPMorgan suspends Gemini partnership amid Winklevoss accusations of retaliation over data fees open-banking policies

The partnership between JPMorgan Chase and crypto exchange Gemini has been suspended following public criticism from Tyler Winklevoss, co-founder of Gemini. The onboarding process for Gemini was allegedly paused after Winklevoss accused JPMorgan of retaliating against his critiques of the bank’s data fees and open-banking policies. Winklevoss described the move as an intentional effort to “silence crypto advocates,” highlighting broader tensions between traditional financial institutions and the crypto sector [1].

The dispute centers on JPMorgan’s push to charge fintech companies for access to customer banking data, a policy Winklevoss argues stifles innovation and restricts consumer rights. He criticized the bank’s attempts to weaken a key rule under Section 1033 of the Consumer Financial Protection Bureau (CFPB), which would allow free access to banking data for apps like Plaid. These apps connect traditional bank accounts to crypto platforms, enabling users to fund cryptocurrency purchases. Winklevoss alleged that JPMorgan and other banks are fighting the rule in court to replace free data access with costly paywalls, a move he claims would “bankrupt fintechs” and harm the digital assets industry [2].

The fallout reflects a larger conflict over open banking and the role of legacy institutions in shaping the financial ecosystem. JPMorgan, which has historically maintained a cautious stance on crypto—CEO Jamie Dimon once dismissed cryptocurrencies as “fraud”—now faces accusations of using “anti-competitive tactics” to protect its interests. Winklevoss linked the bank’s legal challenges to efforts contradicting Donald Trump’s vision of establishing the U.S. as a global leader in crypto innovation, underscoring the political dimensions of the debate [3].

Industry observers note that the suspension underscores the difficulties crypto firms face in securing traditional banking relationships. Many digital asset companies have lost banking support in recent years, forcing them to adopt workarounds or relocate services overseas. Winklevoss framed JPMorgan’s actions as part of a broader “Operation ChokePoint 2.0,” an unofficial campaign to marginalize digital currencies. He warned that such behavior could exacerbate the “de-banking” issue, where crypto firms struggle to access essential financial services [4].

JPMorgan has not publicly commented on the allegations, drawing further scrutiny from the crypto community. The bank’s silence has fueled concerns about transparency, with critics arguing that legacy institutions may be leveraging their market power to stifle competition. While JPMorgan has invested in blockchain technology and custody solutions, its alleged response to Gemini’s challenges signals a reluctance to fully embrace crypto’s potential in the current regulatory landscape [5].

The outcome of this dispute could influence how other institutions engage with crypto projects, particularly as global regulators increasingly focus on digital assets. Winklevoss’s public stance has amplified calls for equitable banking practices, emphasizing the importance of institutional support for financial innovation. The situation remains unresolved, with no indication of when—or if—the partnership will resume.

Sources:

[1] [JPMorgan allegedly pauses Gemini onboarding after Winklevoss criticised the bank](https://finance.yahoo.com/news/jpmorgan-allegedly-pauses-gemini-onboarding-093035902.html)

[2] [Billionaire Tyler Winklevoss to JP Morgan CEO Jamie...](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)

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

[4] [JPMorgan’s Silence Says a Lot](https://99bitcoins.com/news/bitcoin-btc/winklevoss-says-jpmorgan-blocked-gemini-over-open-banking/)

[5] [JPMorgan Accused of Covert De-Banking Tactics...](https://www.ainvest.com/news/jpmorgan-accused-covert-de-banking-tactics-silence-crypto-advocates-2507/)