Winklevoss Accuses JPMorgan of Halting Gemini Re-Onboarding Over Open-Banking Criticism

Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, has accused JPMorgan Chase of halting the re-onboarding process for the firm following his public criticism of the bank’s stance on open-banking regulations. The dispute centers on JPMorgan’s alleged retaliation against Winklevoss’s July 19 post, which criticized large banks for opposing the U.S. Consumer Financial Protection Bureau’s (CFPB) open-banking rule under Section 1033 of the Consumer Financial Protection Act. This rule, still in implementation, aims to provide consumers free third-party access to their account data via aggregators like Plaid, a key conduit for linking checking accounts to crypto platforms [1].

Winklevoss framed the banks’ resistance as an effort to replace free data feeds with “exorbitant fees,” a shift he argued would “bankrupt fintechs” and stifle crypto adoption [2]. He further labeled the banks’ actions as part of “egregious regulatory capture” and a direct challenge to Donald Trump’s goal of positioning the U.S. as the “crypto capital of the world” [3]. The Gemini co-founder claimed that JPMorgan explicitly told the exchange that his public criticism had prompted the pause in re-onboarding efforts, which had been underway since JPMorgan previously cut ties with Gemini during what Winklevoss describes as “Operation ChokePoint 2.0” [4].

JPMorgan has not publicly responded to these allegations. The bank’s silence has drawn scrutiny, with Winklevoss stating, “JPMorgan’s silence says a lot,” and accusing the institution of attempting to “quietly take away your right to access your banking data for free” [5]. The pause in re-onboarding comes amid broader regulatory pressures on crypto firms. In 2023 and 2024, multiple exchanges lost long-standing banking relationships, forcing them to seek new partners or international workarounds. Gemini, which previously relied on JPMorgan for corporate banking, has been expanding its international derivatives offerings and pursuing broader U.S. market access while navigating these challenges [6].

The controversy highlights tensions between traditional financial institutions and the crypto sector. Winklevoss’s July 19 post, which “struck a nerve,” criticized banks for fighting the CFPB’s open-banking rule. He argued that institutions like JPMorgan aim to replace free data access with costly fees, a move he warned would “strangle fintech and crypto access” [7]. The issue intersects with broader enforcement actions by regulators under the Biden administration, known as Operation ChokePoint 2.0, which has targeted crypto firms. Federal Deposit Insurance Corporation (FDIC) Acting Chairman Travis Hill has condemned such actions as “unacceptable,” though the agency’s efforts to “debank” crypto companies remain a contentious topic [8].

Gemini’s struggle to regain banking access reflects systemic challenges in the industry. The exchange has been actively courting new partners since losing JPMorgan’s support, as competition for financial services among crypto firms intensifies. Meanwhile, Winklevoss has vowed to continue advocating against what he describes as “anti-competitive, rent-seeking behavior” by banks, emphasizing that “we will never stop fighting” for open-banking rights [9].

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Sources:

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

[2] [99Bitcoins](https://99bitcoins.com/news/bitcoin-btc/winklevoss-says-jpmorgan-blocked-gemini-over-open-banking/)

[3] [Coinpedia](https://coinpedia.org/crypto-live-news/tyler-winklevoss-claims-jpmorgan-blocked-gemini-over-data-fee-criticism/)

[4] [Times of India](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)

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

[6] [Coin](https://www.coingabbar.com/en/crypto-currency-news/jp-morgan-gemini-ties-break-after-winklevoss-slams-bank?srsltid=AfmBOorSJeTQi6Rwqpq4kJrtchllU-LzXQG3GfDeaRRMYTxzmseux0uq)

[7] [Mitrade](https://www.mitrade.com/insights/news/live-news/article-3-988828-20250726)

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