Gemini co-founder and CEO Tyler Winklevoss has accused JPMorgan Chase & Co. of pausing the onboarding process of the crypto exchange as a customer following his recent criticism of the bank’s operations. This development marks the latest update to a rapidly developing case between one of the crypto industry’s key players and the largest bank in the US.
JPMorgan Aims To Silence Us: Winklevoss
In an X post on July 19, Tyler Winklevoss strongly criticized JPMorgan and its CEO, James Dimon, after Bloomberg reported that the American bank was about to start charging companies for access to customer data. The Gemini boss claimed that these new fees were harmful, as they could bankrupt fintechs that play a crucial role in linking customers’ bank accounts to crypto exchanges, enabling deposits and withdrawals.
Winklevoss explains that the “Open Banking Rule” under Section 1033 of the Consumer Financial Protection Act still granted all users the right to freely access their banking information through a third party, hinting that JPMorgan’s new policy violates the law.
One week later, in a new post on July 25, Tyler Winklevoss states that JP Morgan has now halted the process of enrolling Gemini as a customer in response to these comments. This development comes after the American banking giant reportedly offboarded the crypto exchange during Operation Chokepoint 2.0.
The Gemini co-founder said:
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 after they off-boarded us during Operation ChokePoint 2.0. They want us to stay silent while they quietly try to take away your right to access YOUR banking data for free through third-party fintechs like @Plaid.
However, according to Bloomberg, JPMorgan claims the new fee policy is targeted at ensuring data requests are strictly customer-related.
The American bank explains:
We receive nearly two billion monthly requests for customer data from middlemen, and more than 90 percent of those are unrelated to a consumer using fintech services. Having a charging structure will ensure that data is provided only when customers request it, and that data middlemen are fostering a safe, secure data ecosystem that system we built and maintain—and that their entire industry was built upon.”
Following this development, crypto enthusiasts now continue to await further updates on the case, especially considering US President Donald Trump’s focus on building a pro-crypto business environment.
Crypto Market Overview
At the time of writing, the total crypto market cap remains valued at $3.84 trillion following a 1.78% gain in the past 24 hours.
