Tyler Winklevoss, co-founder of the cryptocurrency exchange Gemini, claimed that JPMorgan Chase halted its onboarding process for Gemini after he criticized the bank’s new fee structure for fintech companies.
Last week, Winklevoss publicly critiqued JPMorgan CEO Jamie Dimon after reports indicated the bank would start charging fintech platforms for access to customer banking data. Many of these platforms serve as intermediaries between traditional banks and crypto services.
“This will bankrupt fintechs that help you link your bank accounts to crypto companies,” Winklevoss posted on social media. “This is the kind of egregious regulatory capture that kills innovation, hurts the American consumer, and is bad for America.”
JPMorgan didn’t address Gemini directly but defended its decision, stating that nearly 2 billion monthly requests for user data come from third parties, most of which are not tied to actual customer activity.
By charging fees, the bank claims it aims to curb misuse and protect consumers. In a follow-up tweet, Winklevoss mentioned that the bank informed Gemini it was pausing re-onboarding the exchange.
JPMorgan had previously offboarded Gemini during Operation Choke Point 2.0, a period when many crypto firms lost banking access under regulatory scrutiny.
“We will continue to call out this anti-competitive, rent-seeking behavior and immoral attempt to bankrupt fintech and crypto companies,” Winklevoss wrote.
Gemini, which filed confidentially for an IPO earlier this month, has been expanding its services, recently including tokenized stocks.
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