Tyler Winklevoss Blasts JPMorgan for Allegedly Freezing Gemini’s Onboarding After Critical Remarks

JPMorgan plays hardball—Winklevoss twins cry foul as banking giant allegedly halts Gemini's access following public criticism. Who's afraid of crypto's disruptors now?

Wall Street's revenge? After Tyler Winklevoss slammed JPMorgan's 'archaic' banking policies, the exchange claims its corporate account onboarding mysteriously stalled. Coincidence? The bank isn't talking.

Behind the feud: Gemini's bid for legitimacy hits a brick wall—just as institutional crypto adoption reaches record highs. Banks still can't decide if digital assets are a threat or an ATM.

The punchline: Traditional finance hates competition—unless they can charge you 2% for custodying your Bitcoin. Stay tuned for the next episode of 'Banks vs. The Future.'

JPMorgan dropped Gemini before Trump backed crypto

Years before Trump’s crypto-friendly approach took hold, JPMorgan had already told Gemini to find another bank. The firm considered Gemini unprofitable at the time and dumped it. Tyler pointed out that this long-standing friction has now resurfaced, and it’s happening again under different circumstances, this time, right after he criticized them publicly.

Tyler and his twin brother, Cameron Winklevoss, both supported Donald Trump’s last campaign. In 2025, they have also been present at multiple WHITE House events during Trump’s current term. This renewed access to Washington comes as his administration supports policies that reduce regulatory pressure on crypto companies.

While Tyler’s comments were blunt, they’re not totally unexpected. Jamie Dimon has built a reputation for trashing crypto over the years. In the past, he called Bitcoin a “fraud” and even told the press that if any JPMorgan trader bought bitcoin, they’d be fired. He also labeled the asset class as useful only to criminals.

But in a surprising turn, JPMorgan is now looking to enter crypto lending.

JPMorgan quietly prepares crypto lending plans

Even as Tyler blasts the bank for hurting crypto firms, JPMorgan is reportedly preparing to offer crypto-backed loans. The bank is planning to begin lending directly against bitcoin and ether, possibly as early as next year. The plan could include using crypto as collateral, something most traditional banks, including Goldman Sachs, still don’t do.

The bank already lends against crypto ETFs, and this would be the next step. Although no formal announcement has been made, Dimon’s public tone has shifted. Speaking in May, he said, “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin. Go at it.” That was a dramatic change from his older stance.

The internal pivot at JPMorgan may be due to alienation from wealthy clients who built their portfolios through crypto. Tyler believes their current approach, charging fintechs for access to banking data, shows the bank still doesn’t want crypto firms in its space, especially those that dare criticize its policies.

Gemini isn’t standing still. Earlier this year, it confidentially filed for an initial public offering, according to Bloomberg, which says the firm could list before year-end, depending on how quickly the U.S. Securities and Exchange Commission wraps up its ongoing investigation. In January, Gemini settled with the Commodity Futures Trading Commission, agreeing to pay $5 million.

Gemini was founded in 2015 by Tyler and Cameron after their legal fight with Facebook founder Mark Zuckerberg over the origin of the social network. Since then, they’ve built Gemini into one of the most well-known crypto exchanges in the U.S., despite frequent regulatory battles and banking challenges.

Tyler’s accusations come at a moment when political sentiment in Washington has actually changed for the first time ever. After years of uncertainty under Biden, crypto firms are gaining momentum. The U.S. House of Representatives just passed the first major crypto law to regulate stablecoins. TRUMP signed the bill into law the very next day.

That change could open the door for more crypto-focused financial products, even from banks like JPMorgan. But as far as Tyler is concerned, the fight is now about banks silencing their critics. And this time, the target is clear.

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