Gemini co-founder Tyler Winklevoss has accused JPMorgan Chase of halting the crypto alternate’s onboarding course of in response to his public criticism of the financial institution’s new knowledge entry coverage.
In a Friday post on X, Winklevoss claimed JPMorgan retaliated after he referred to as out the banking large’s new transfer as anti-competitive conduct that might hurt fintech and crypto companies.
“My tweet from final week struck a nerve. This week, JPMorgan advised us that due to it they had been pausing their re-onboarding of Gemini as a buyer after they off-boarded us throughout Operation ChokePoint 2.0,” the Gemini boss wrote.
The dispute stems from a current Bloomberg report that exposed JPMorgan’s resolution to cost monetary know-how companies for entry to buyer financial institution knowledge — a transfer Winklevoss argued would “bankrupt fintechs” that facilitate crypto purchases.
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Winklevoss says JPMorgan making an attempt to restrict fintech entry
Winklevoss accused JPMorgan of making an attempt to limit shoppers’ free entry to their banking knowledge by means of third-party fintech platforms like Plaid. Plaid is a third-party service that helps hyperlink monetary accounts to a wide range of apps and on-line providers.
“Sorry Jamie Dimon, we’re not going to remain silent. We are going to proceed to name out this anti-competitive, rent-seeking conduct and immoral try and bankrupt fintech and crypto corporations. We are going to by no means cease combating for what is true!”
Gemini’s relationship with JPMorgan has been rocky for years. In 2023, beneath the Biden administration, the financial institution reportedly requested the alternate to search out one other banking accomplice, citing profitability issues.
Nonetheless, Gemini denied the rumors. On the time, the alternate stated that “regardless of reporting on the contrary, Gemini’s banking relationship stays intact with JPMorgan.”
Cointelegraph reached out to each Gemini and JPMorgan for remark however had not obtained a response by publication.
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Winklevoss twins align themselves with Trump
Tyler and Cameron Winklevoss have aligned themselves politically with Trump, contributing to his previous marketing campaign and attending a number of White Home occasions. The duo even had their donations to Trump’s election campaign in 2024 returned after their Bitcoin donations exceeded the utmost quantity allowed beneath federal legislation.
Final month, Gemini additionally filed for an initial public offering (IPO) with the US Securities and Alternate Fee (SEC). The variety of shares to be supplied and the worth vary per share haven’t been decided.
Gemini was based in 2014 by twins Cameron and Tyler Winklevoss. In November 2021, it announced a fundraise of $400 million at a valuation of $7.1 billion.
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