- Winklevoss says JPMorgan paused Gemini onboarding after fee policy criticism.
- Gemini eyes IPO while facing JPMorgan data access roadblocks.
- Tyler Winklevoss defends crypto access against bank restrictions on fintech firms.
Tyler Winklevoss has accused JPMorgan Chase of retaliatory behavior toward his crypto exchange, Gemini. The billionaire co-founder claimed the bank paused Gemini’s re-onboarding process after he criticized its new data access fee structure. Winklevoss voiced his concerns publicly on X, accusing JPMorgan of undermining fintech and crypto companies through “anti-competitive” tactics.
Gemini Re-Onboarding Paused After Winklevoss Criticism
Tyler Winklevoss revealed on July 25 that JPMorgan halted Gemini’s re-onboarding due to his recent social media post. The post criticized JPMorgan’s decision to charge fees for fintech firms accessing bank data. Winklevoss warned that such a move would “bankrupt fintechs” and restrict consumers’ ability to link bank accounts with crypto services like Gemini.
In his follow-up post, Winklevoss accused the bank of attempting to silence dissent. He claimed JPMorgan wants Gemini to stay quiet while it implements fee changes that restrict access to essential financial data. He pledged to “never stop fighting for what is right,” signaling continued public opposition to the bank’s policies.
JPMorgan Defends Its New Data Fee Policy
In response to growing scrutiny, JPMorgan defended its decision to charge data access fees. The bank stated that data aggregators, also called middlemen, send nearly two billion monthly requests through JPMorgan’s infrastructure. However, over 90% of those requests are unrelated to real fintech usage.
JPMorgan argued that the new fee structure is designed to protect customers and improve data security. According to the bank, middlemen built their services on infrastructure JPMorgan maintains without sharing the operational burden. The fee will ensure that data is only accessed when explicitly authorized by customers, the bank added. However, the bank declined to comment on its current relationship with Gemini.
Gemini Eyes IPO as Crypto Policy Shifts Under Trump
Gemini’s history with JPMorgan has long been strained. Years prior, the bank off-boarded Gemini when there was an anti-crypto surge in U.S. banking. Since then, the firm has withstood regulatory scrutiny and will soon be taking a public listing.
Earlier this year, Gemini filed confidentially for an IPO. It has been reported that the company is likely to reveal an IPO by the end of the year, subject to a recent SEC enquiry. Gemini had settled a CFTC suit with a $5 million payment.
The Winklevoss twins have identified themselves with the crypto-friendly administration of President Trump. They have been at White House functions and have contributed to the Trump campaign. In the meantime, JPMorgan CEO Jamie Dimon is an outspoken crypto skeptic, despite his company developing blockchain solutions internally.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed