JPMorgan Halts Gemini Re-Onboarding Amid Dispute Over Open Banking Data Rules

JPMorgan Chase has suspended its re-engagement with cryptocurrency exchange Gemini following a dispute over consumer banking data access. The conflict arises amid broader legal tensions surrounding the Consumer Financial Protection Bureau’s Open Banking Rule, which governs third-party data-sharing frameworks.

Gemini co-founder Tyler Winklevoss accused JPMorgan of obstructing fintech and crypto platforms by restricting access to customer banking data through tools like Plaid. The bank, however, maintains its commitment to secure data access while expressing concerns about unregulated data aggregators.

The MOVE comes as JPMorgan plans to impose new fees on fintech firms accessing customer data. Gemini had recently re-established ties with the bank after a prior cutoff during what industry insiders dubbed 'Operation Choke Point 2.0.'