Tyler Winklevoss, co-founder of the crypto 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 criticized JPMorgan CEO Jamie Dimon after Bloomberg reported the bank would start charging fintech platforms for access to customer banking data. Many of these platforms serve as bridges between traditional banks and crypto services.
“This will bankrupt fintechs that help you link your bank accounts to crypto companies,” Winklevoss posted on X. “ 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, telling Forbes that nearly 2 billion monthly requests for user data come from third parties, most of them not tied to actual customer activity.
By charging fees, the bank says it aims to curb misuse and protect consumers. In a follow-up tweet, Winklevoss said the bank told Gemini it was pausing re-onboarding the exchange.
JPMorgan had previously offboarded Gemini, as CoinDesk reported, during so-called Operation Choke Point 2.0, a period during which 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 offering an increasing number of services that recently started including tokenized stocks.