Gemini CEO Accuses JPMorgan Chase of Retaliation Over Criticism of Data Policy
Written by [Journalist Name], Published on [Date]
Gemini co-founder Tyler Winklevoss alleged on Friday that JPMorgan Chase froze the cryptocurrency exchange’s re-onboarding process as retaliation for his public critique of the bank’s new data access policy.
In an X post, Winklevoss asserted that JPMorgan, a major banking partner, is halting Gemini’s re-access due to his criticisms against the fee structure imposed on fintech firms for customer data.
“My recent tweet about JPMorgan’s new policy apparently resonated negatively. The bank has subsequently informed us of their decision to pause re-onboarding Gemini following their off-boardment under Operation ChokePoint 2.0,” Winklevoss stated.
The impasse is linked to a Bloomberg report detailing JPMorgan’s practice of charging fees to financial technology companies using its customer data. Winklevoss contended this policy sends a “callous” signal, potentially threatening fintechs and crypto platforms.
The core dispute centers on JPMorgan’s decision to institute fees for third-party access to customer financial data. Gemini CEO Tyler Winklevoss criticized this approach in an X post, labeling it an anti-competitive measure and a attempt to stifle fintech rivals that integrate banking with crypto services.
“Jamie Dimon, you heard us the first time: This is anti-competitive, rent-seeking, and simply immoral. We will fight for fair data access,” Winklevoss declared in a subsequent tweet.
This latest development highlights the ongoing tensions in the fintech-banking relationship. Gemini’s co-founder pointedly criticized JPMorgan’s data-sharing strategy, suggesting it serves to limit consumer access through third-party providers like Plaid.
Historically, Gemini’s banking links with JPMorgan have been strained. In 2023, during the Biden administration’s crypto regulatory phase, sources indicated JPMorgan sought to part ways citing business concerns. However, Gemini later confirmed the partnership remained active.
The bank’s data charges come as Gemini contemplates growth. The company recently filed for an IPO with the SEC without yet determining share size or pricing.
Winklevoss and his brother Cameron are prominent political supporters of former President Donald Trump and cryptocurrency. They previously donated significant Bitcoin to his campaigns, only to have the contributions exceeded the legal donation limit.
Founded in 2014 by the Winklevoss twins, Gemini has evolved from co-founding the now-defunct social network MySpace and later venturing into cryptocurrency trading, storage, and now regulatory-compliant initiatives, including derivatives trading in Europe.
This dispute underscores the jurisdictional friction between entities seeking data access for innovation versus traditional financial services giants resisting perceived encroachments.
