Gemini co-founder Tyler Winklevoss claims JPMorgan paused its re-onboarding of the crypto exchange after his public critique of the bank’s new data access policies.
Key Takeaways
- 1Tyler Winklevoss alleges JPMorgan halted Gemini’s re-onboarding due to public criticism.
- 2Dispute centers on JPMorgan’s new fees for fintech access to user banking data.
- 3Winklevoss warns the policy could cripple crypto and fintech startups.
- 4Gemini and JPMorgan have a long history of strained relations.
What Happened
Tyler Winklevoss says JPMorgan’s recent decision to pause re-establishing banking ties with Gemini is a direct response to his public criticism of the bank’s new data access charges. The crypto exchange was previously offboarded during “Operation ChokePoint 2.0,” and was in talks to resume services.
Background of the Dispute
The conflict erupted after Bloomberg reported that JPMorgan would start charging financial technology firms for access to customers’ banking data. This access, often facilitated by platforms like Plaid, enables users to link bank accounts to apps and services, including crypto exchanges like Gemini.
Winklevoss took to social media, calling the move “anti-competitive” and a threat to innovation in financial technology. He warned that such charges could effectively bankrupt many fintech companies that rely on free access to data to provide their services.
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
“My tweet from last week struck a nerve,” Winklevoss wrote on July 25. “This week, JPMorgan told us that because of it, they were pausing their re-onboarding of Gemini.”
Accusations of Retaliation and Market Control
Tyler Winklevoss strongly criticized JPMorgan CEO Jamie Dimon, saying the bank is attempting to silence opposition while restricting consumer control over their own financial data.
“Sorry Jamie Dimon, we’re not going to stay silent,” Winklevoss posted. “We will continue to call out this anti-competitive, rent-seeking behavior and immoral attempt to bankrupt fintech and crypto companies.”
He accused the banking giant of undermining innovation by trying to monopolize access to financial information.
Broader Implications and Industry Response
Many in the crypto and fintech space see JPMorgan’s actions as part of a broader struggle between traditional banking infrastructure and the more open, decentralized financial systems emerging today.
Lily Liu, President of the Solana Foundation, weighed in, emphasizing the long-term dominance of open systems. She stated, “The user base of humans on the internet and their assets is larger than any company or coalition can control.”
Gemini’s IPO and Ongoing Tensions
The banking standoff comes just weeks after Gemini filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. While no specifics on share volume or pricing have been revealed, the timing adds weight to the public nature of the disagreement.
Gemini and JPMorgan have had a turbulent relationship. In 2023, it was reported that JPMorgan asked Gemini to seek new banking partners due to concerns over profitability. Gemini later denied the reports, insisting their relationship was still intact.
CoinLaw’s Takeaway
Honestly, this feels like a textbook power move. JPMorgan’s policy change hits at the very foundation of what makes fintech and crypto accessible: open data. I get why Tyler Winklevoss is speaking out. Charging for data access doesn’t just affect Gemini, it hurts every small startup trying to innovate. These aren’t just business decisions, they shape who gets to participate in the future of finance.
