Gemini co-founder Tyler Winklevoss has claimed that JPMorgan Chase paused the crypto exchange’s onboarding process after he publicly criticized the bank’s new policy on financial data access.
Key Takeaways:
Tyler Winklevoss claims JPMorgan paused Gemini’s onboarding after he criticized the bank. He accused the bank of anti-competitive behavior and trying to block consumer access to crypto via third-party apps. The dispute surfaces as Gemini prepares for a potential IPO.In a post published Friday on X, Winklevoss said JPMorgan responded to his recent comments by halting Gemini’s re-onboarding, a process the bank initiated after previously ending the relationship during what Winklevoss referred to as “Operation ChokePoint 2.0.”
The fallout follows a Bloomberg report that revealed JPMorgan’s plans to begin charging fintech companies for access to customer banking data.
Winklevoss Slams Banking Rules as Anti-Crypto and Anti-Competitive
Winklevoss, a longtime critic of banking restrictions on crypto, called the move anti-competitive and warned that it could undermine companies that facilitate access to crypto markets.
Winklevoss also accused JPMorgan of trying to limit consumers’ ability to share their own financial data with third-party fintech services like Plaid.
“We will continue to call out this anti-competitive, rent-seeking behavior and immoral attempt to bankrupt fintech and crypto companies,” he wrote. “We will never stop fighting for what is right!”
Gemini’s banking history with JPMorgan has been contentious. In 2023, reports emerged that the bank had requested the crypto firm to seek alternative banking partners, citing profitability issues.
Gemini later denied those claims, stating that their relationship with JPMorgan remained in place despite the speculation.
The Winklevoss twins, both politically aligned with Donald Trump, have taken an outspoken stance in recent months as U.S. regulators increase scrutiny of crypto platforms.
Their contributions to Trump’s 2024 presidential campaign were returned earlier this year after the donations exceeded federal limits.
The latest dispute with JPMorgan comes at a critical time for Gemini. The exchange confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission last month. Details on share pricing and offering size have not yet been disclosed.
Founded in 2014, Gemini raised $400 million in a November 2021 funding round, reaching a valuation of $7.1 billion.
$500K Club: Crypto and Political Elites Unite at DC’s Executive Branch
As reported, a new private club in Washington, D.C. called Executive Branch, co-founded by Donald Trump Jr., David Sacks, and Gemini’s Winklevoss twins, is charging $500,000 for membership.
The club, located in Georgetown, is set to open soon and already has a waiting list.
Its launch party drew major political and tech figures, including Secretary of State Marco Rubio and SEC Chairman Paul Atkins, underscoring the club’s goal of combining political power, crypto influence, and elite networking.
At $500,000, Executive Branch is one of the priciest private clubs in the U.S., surpassing venues like Aman Club.
The founders aim to position it as a hub for conservative crypto leaders seeking close ties to regulators and lawmakers.
Membership is highly selective, requiring referrals and background checks.
Despite offers as high as $1 million for early access, some applicants have been reportedly rejected.
The post Tyler Winklevoss Says JPMorgan Halted Gemini Onboarding Over Public Criticism appeared first on Cryptonews.
