PMorgan Allegedly Stalls Gemini Banking Ties After Criticism

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Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, claims JPMorgan Chase halted the firm’s banking re-onboarding process following his public criticism of the bank’s new data access fees, spotlighting escalating tensions between traditional financial institutions and the digital asset sector.

The long-simmering divide between major banks and cryptocurrency platforms has once again boiled to the surface. Tyler Winklevoss, co-founder of Gemini, a U.S.-based cryptocurrency exchange, has alleged that JPMorgan Chase paused his firm’s application to renew banking services after he publicly criticized the bank’s controversial new fee structure for financial technology (fintech) companies.

The friction began after JPMorgan’s July 11 announcement of a new data policy that will charge fintech firms, particularly those using data aggregators like Plaid, steep fees to access customer account information. These data aggregators enable apps and platforms, including cryptocurrency services, to connect user bank accounts for transfers and other financial activities. According to industry insiders, this change could increase transaction costs for some companies by over 1,000%, placing substantial burdens on smaller firms.

Winklevoss took to the social media platform X (formerly Twitter) shortly after the news, condemning JPMorgan’s policy as “anti-competitive” and warning it could cripple fintech innovation. He also targeted JPMorgan Chase Chief Executive Officer Jamie Dimon directly, accusing the bank of attempting to “bankrupt fintechs” and limit consumer freedom to manage their financial data.

Just six days later, Winklevoss claimed JPMorgan informed Gemini that the firm’s banking re-onboarding was being “paused” due to his public statements. This is especially noteworthy given Gemini’s prior banking ties with JPMorgan, which were reportedly severed during what many in the digital asset community call “Operation Choke Point 2.0.” This term refers to the trend of banks pulling away from crypto firms under heightened regulatory pressure, echoing a similar pattern of behavior during the Obama-era Operation Choke Point that targeted industries deemed high-risk.

JPMorgan, defending its fee model, said its system processes over 2 billion data requests each month, most of which are unrelated to customer-initiated transactions. The bank argues its infrastructure investments warrant fair compensation from third-party users, emphasizing data privacy and security.

Fintech trade bodies, including the American Fintech Council, have criticized the policy. One executive reportedly told Fortune that JPMorgan’s new fees would exceed his company’s entire ten-year revenue.

This latest standoff highlights growing concerns about whether legacy financial institutions are using their leverage to stifle competition and limit consumer choice. With the crypto market increasingly gaining traction, especially under policies that support financial innovation and deregulation, these battles over access and control are unlikely to subside anytime soon.