- Gemini co-founder Tyler Winklevoss accused JPMorgan Chase of pausing the crypto exchange’s onboarding after his criticism of the bank’s data policy.
- Winklevoss claims the pause was retaliation for his objections to JPMorgan’s plan to charge fintech firms for access to customer bank data.
- The dispute centers on concerns that the policy could harm companies that facilitate crypto purchases and fintech services.
- Winklevoss also alleged that JPMorgan aims to restrict consumer access to banking data through third-party apps like Plaid.
- The Winklevoss twins have shown political alignment with former President Trump and recently filed for a Gemini initial public offering in the U.S.
Tyler Winklevoss, the co-founder of Gemini, stated on Friday that JPMorgan Chase decided to halt his firm’s onboarding process after he criticized the bank’s new data access policy. The disagreement emerged as Winklevoss claimed the bank’s approach threatens fintech and crypto firms.
According to Winklevoss, JPMorgan suspended Gemini’s re-onboarding following a public post in which he described the bank’s data policy as anti-competitive. He said, “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.”
The issue follows reports that JPMorgan plans to charge technology firms for access to customer bank data. Services like Plaid help link consumers’ bank accounts with other online apps. Winklevoss argued that fees for data access could financially harm fintech companies that rely on this data to facilitate crypto purchases.
In his statements, Winklevoss said the bank’s actions limit consumer access to their own financial data. He stated, “We will continue to call out this anti-competitive, rent-seeking behavior and immoral attempt to bankrupt fintech and crypto companies.”
Gemini and JPMorgan have had a tense relationship. In 2023, the bank reportedly asked Gemini to find a new partner, though the exchange said its connection to the bank remained in place at that time.
The Winklevoss twins have also been active in U.S. politics, supporting former President Trump and making campaign donations that were partially returned due to federal limits. In June, Gemini filed for an initial public offering with the U.S. Securities and Exchange Commission. The company, founded in 2014, was valued at $7.1 billion after a $400 million fundraise in November 2021.
For more information, see Tyler Winklevoss’s post.
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