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Key Takeaways:
- Tyler Winklevoss accused JPMorgan of pausing Gemini’s re-onboarding in retaliation for public criticism.
- The dispute centers on JPMorgan’s new fintech data access policy, which could hurt crypto-focused startups.
- Despite tensions, JPMorgan is moving further into crypto by considering loans backed by digital assets.
Gemini co-founder Tyler Winklevoss has publicly accused JPMorgan of retaliating against the crypto exchange after he criticized the bank’s controversial data access policy. The dispute highlights growing tensions between traditional finance and the fintech sector, particularly crypto-native firms like Gemini.
Winklevoss Calls Out JPMorgan’s “Anti-Competitive” Behavior
In a tweet on July 25, Tyler Winklevoss revealed that JPMorgan had paused Gemini’s re-onboarding process, allegedly in response to his public criticism of the bank’s new fintech data policy. Winklevoss labeled the move as anti-competitive and harmful to crypto and fintech innovation, claiming JPMorgan was trying to block consumer access to banking data through third-party platforms like Plaid.
He directly called out JPMorgan CEO Jamie Dimon, saying, “We will never stop fighting for what is right.”
My tweet from last week struck a nerve. This week, JPMorgan told us that because of it they were pausing their re-onboarding of @Gemini as a customer after they off-boarded us during Operation ChokePoint 2.0. They want us to stay silent while they quietly try to take away your… https://t.co/c9Ls7QpAmT
— Tyler Winklevoss (@tyler) July 25, 2025
JPMorgan’s New Policy Sparks Industry Backlash
The confrontation stems from a recent Bloomberg report revealing JPMorgan’s new policy of charging fintech companies for access to consumer banking data. Critics, including Gemini co-founder Cameron Winklevoss, argue that the move could “bankrupt fintechs”—especially those enabling crypto purchases and digital asset management.
By controlling data flow and imposing high fees, JPMorgan may be limiting market competition, a move fintech leaders see as an attack on innovation and open banking principles.
Gemini-JPMorgan Tensions Date Back to Operation ChokePoint 2.0
This isn’t the first sign of friction. In 2023, during the Biden administration’s Operation ChokePoint 2.0, JPMorgan reportedly asked Gemini to find another banking partner due to concerns about crypto risk and profitability. Although Gemini denied those reports, the trust between the two institutions has clearly eroded.
Also Read: JPMorgan Predicts Fed Rate Cut, Potentially Boosting Bitcoin’s Price: Here’s Why
The latest standoff comes as Gemini prepares for a public listing, having filed for an IPO with the SEC. The crypto exchange has yet to release details about the offering’s size or valuation.
Ironically, while it blocks Gemini, JPMorgan is reportedly exploring crypto-backed loans in response to rising institutional demand. The bank’s interest in offering loans against digital asset collateral signals its desire to enter the crypto finance space, even as it challenges existing players.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
