JPMorgan Freezes Gemini Re-Onboarding Following Tyler Winklevoss’ Explosive Critique

Wall Street's crypto cold shoulder just got frostier. JPMorgan slams the brakes on Gemini's return after Winklevoss lobs verbal grenades—because nothing says 'partnership' like public mudslinging.

Behind the Banking Blowout

Sources whisper the freeze stems from Tyler Winklevoss' recent broadside against traditional finance's 'innovation theater.' JPMorgan's compliance team apparently decided Gemini's drama wasn't worth the regulatory headache.

When Titans Clash

The standoff highlights crypto's awkward dance with legacy banks: desperate for their infrastructure but allergic to their rules. Meanwhile, Bitcoin hodlers shrug—another day, another bank proving DeFi's point for them.

• JPMorgan reportedly paused Gemini’s re-onboarding after recent public criticism.
• Gemini previously faced offboarding during regulatory pressure on crypto businesses.
• Friction grows as crypto firms challenge traditional banks’ control over data.

JPMorgan Chase was said to have suspended the re-onboarding of Gemini, the crypto exchange that was co-founded by Tyler Winklevoss. This was after Winklevoss publicly criticized the banking giant’s new rule that forces fintech firms to pay to utilize the banking data of their customers.

That suspension is just another chapter in the long-running rivalry between Gemini and one of the largest banking institutions in the United States.

The dispute became more intense after Winklevoss became concerned with the implications of JPMorgan’s policy shift, alleging that it could pose operational hurdles to fintech platforms, particularly those that are involved in digital asset transactions.

Such platforms often enjoy unfettered data flow to banks to facilitate the transfer of money to crypto markets. The move comes following a history of strains between the two sides.

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

JPMorgan previously closed its erstwhile business with Gemini amidst profitability issues. This latest suspension of onboarding appears to reflect differences in policy and deeper strategic and ideological differences between crypto-native firms and incumbent banks.

JPMorgan Halts Gemini Amid Crypto Tensions

This slowdown in Gemini’s onboarding process isn’t a one-time decision. It underscores a broader trend in the way that traditional financial institutions have approached crypto exchanges in recent years.

In what became unofficially known as “Operation Choke Point 2.0,” certain banks reportedly retreated from crypto-related firms due to ambiguous regulations and perceived dangers.

Despite having tried to position Gemini as a compliant and regulated crypto exchange, its relationship with JPMorgan remained strained.

This latest news further points to the problem that crypto firms are having in interoperating with the traditional banking system, particularly where they are in the public eye.

The ramifications of JPMorgan’s revised policy go further than Gemini and perhaps touch a vast universe of fintechs that depend on open data sources to function day to day. These added costs could strain thin platforms or cause them to look for other, more tolerant parties.

Gemini Eyes IPO Amid Regulatory Milestones

Despite these challenges, Gemini is moving forward with its plans. The company filed in secret for an initial public offering during the first half of this year, individuals familiar with the process explained.

This follows having eliminated significant legal hurdles, including the closure of a Securities and Exchange Commission investigation and a $5 million settlement with the Commodity Futures Trading Commission.

In preparation for a potential public debut, Gemini’s run-ins with JPMorgan are reflective of the complex dynamics found between newer digital financial firms and the old-line banking establishment.