Gemini co-founder Tyler Winklevoss accused JPMorgan Chase of halting the onboarding process for the crypto exchange in response to his criticism of the bank's new data access policy.
Accusations of Anti-Competitive Behavior
Winklevoss claimed that JPMorgan retaliated after he called the bank’s new move anti-competitive. He stated, "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."
History of Relationships Between Gemini and JPMorgan
The relationship between Gemini and JPMorgan has been rocky over the years. In 2023, the bank reportedly asked the exchange to find another banking partner, citing profitability concerns. However, Gemini denied these claims, stating that its banking relationship with JPMorgan remains intact.
Winklevoss Political Connections
Tyler and Cameron Winklevoss have politically aligned themselves with Donald Trump, contributing to his previous campaign and attending several White House events. Their donations to Trump’s 2024 election campaign were returned after exceeding the maximum limit allowed by federal law.
The conflict between Tyler Winklevoss and JPMorgan highlights the challenges in the relationships between traditional financial institutions and new fintech firms operating in the cryptocurrency sphere.
