Gemini Co-founder Accuses JPMorgan of Blocking Gemini Due to Its Public Criticism

BlockBeats News, July 26th, Gemini co-founder Tyler Winklevoss accused JPMorgan of suspending the reconnection process to its cryptocurrency exchange Gemini due to his public criticism of the bank's latest data access policy. Winklevoss posted on X on Friday, stating that JPMorgan took retaliatory action after he pointed out that the bank's new policy exhibited anti-competitive behavior and could harm the fintech and crypto industry.

“My tweet last week hit them where it hurts. This week, JPMorgan informed us that due to that tweet, they have decided to suspend the reconnection process to Gemini. Previously, they had removed us in 'Operation ChokePoint 2.0',” Winklevoss wrote. The controversy stems from a recent Bloomberg report that revealed JPMorgan's decision to charge fintech firms for access to customer bank data—a move Winklevoss believes will “bankrupt fintech firms supporting crypto purchases.”

Winklevoss accused JPMorgan of attempting to restrict consumers' free access to their bank data through third-party platforms like Plaid. Plaid is a third-party service that helps users link their bank accounts to various apps and online services. The relationship between Gemini and JPMorgan has been unstable for years. In 2023, during the Biden administration, JPMorgan reportedly asked Gemini to find other banking partners citing profitability issues. However, at that time, Gemini denied the rumor, stating that “despite contrary reports, Gemini's banking relationship with JPMorgan remains intact.”