In the fast-paced world of cryptocurrency, tensions between traditional financial institutions and innovative new platforms are becoming increasingly pronounced. Recently, Tyler Winklevoss, co-founder of the prominent crypto exchange Gemini, exposed a contentious situation involving JPMorgan Chase—one of America’s banking giants. His revelations have ignited discussions around banking practices and the access they grant to consumers and crypto companies alike.
Winklevoss took to social media on Friday, asserting that JPMorgan halted Gemini’s onboarding process after he made pointed critiques regarding the bank’s new policy on financial data sharing. This incident follows months of scrutiny as banks appear to be tightening their grip on access to customer banking data, a move Winklevoss believes could stifle fintech and crypto innovation.
Why does this matter? As cryptocurrency continues to gain traction in mainstream finance, banking institutions like JPMorgan hold significant power over the partnerships they form. Winklevoss argues that the pause in Gemini’s onboarding is a blatant act of anti-competitive behavior, aiming to limit consumer access to crypto via third-party applications like Plaid, which can facilitate smoother transactions between banks and crypto platforms. “We will continue to call out this anti-competitive, rent-seeking behavior and immoral attempt to bankrupt fintech and crypto companies,” he passionately declared. His comments are part of a larger narrative surrounding the treatment of crypto firms by traditional banks in a shifting regulatory landscape.
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… https://t.co/c9Ls7QpAmT— Tyler Winklevoss (@tyler) July 25, 2025
The history of banking relationships between Gemini and JPMorgan has been anything but smooth. Earlier this year, there were murmurs that JPMorgan had encouraged Gemini to seek alternative banking partners, citing profitability issues—a claim that Gemini firmly denied. The latest developments underscore a growing conflict as Gemini prepares for a momentous step in its journey: a potential initial public offering (IPO) that would elevate its visibility and capital position in the financial world.
As Winklevoss pointedly noted, this dispute does not occur in a vacuum. It arrives at a precarious moment as U.S. regulators ramp up scrutiny on cryptocurrency platforms, creating a complex environment that both crypto advocates and traditional investors must navigate carefully. The Winklevoss twins have taken a bold stance in recent months, advocating for crypto-friendly regulations while also engaging in political fundraising efforts, which have drawn attention due to their political affiliations.
Beyond Gemini’s internal challenges, the landscape is rife with new initiatives in D.C., notably with the launch of a private club named Executive Branch, co-founded by notable figures including Donald Trump Jr. and the Winklevoss twins. The club, which commands a membership fee of $500,000, reflects a merging of political power and crypto influence—a hub for elite networking set against the backdrop of regulatory conversations that could shape the future of digital currencies in America.
With the exchange valued at $7.1 billion following its $400 million funding round in November 2021, the stakes are undoubtedly high. The outcome of Gemini’s recent conflicts with JPMorgan and the regulatory landscape will play a crucial role in determining the future trajectory of the platform as well as the broader crypto market.
As this story unfolds, it serves as a reminder of the intricate dance between innovation and regulation in the finance sector. Will consumer access to cryptocurrency continue to evolve, or will traditional banking institutions prevail in their efforts to impose barriers? Only time will tell, but one thing remains clear: the pressure is mounting, and both sides are gearing up for what promises to be an intense battle over the future of finance.