Tyler Winklevoss, co-founder of Crypto Exchange Gemini, claimed that JPMorgan Chase stopped his onboarding process for Gemini after criticizing the bank’s new fee structure for fintech companies.
Last week, Winklevoss publicly criticized JPMorgan CEO Jamie Dimon after Bloomberg reported that the bank would start charging fintech platforms for access to customer data. Many of these platforms act as bridges between traditional banks and crypto services.
“This will bankrupt Fintechs, helping you to link your bank accounts to cryptic companies,” Published Winklevoss at X. “This is the kind of creepy legislative capture that kills innovation, harms the US consumer and is bad for America.”
JPMorgan did not address Gemini directly, but defended his decision and told Forbes that almost 2 billion monthly requests for user data come from third parties, most of them are not bound to actual customer activity.
By charging fees, the bank says it aims to limit abuse and protect consumers. In a follow-up tweet, Winklevoss said the bank told Gemini that the paused about-onboarding exchange.
JPMorgan had previously offboarded Gemini during so -called Operation Choke Point 2.0, a period when many cryptopires lost bank access under regulatory control.
“We will continue to call this competitive, rent-seeking behavior and immoral attempts to bankrupt fintech and cryptoc companies,” Winklevoss wrote.
Gemini, who made a confidentiality for a stock exchange listing earlier this month, has offered an increasing number of services that recently started including tokenized shares.
