Tyler Winklevoss Slams JPMorgan for Freezing Gemini Over a Single Tweet—Banking Giants Still Fear Crypto

JPMorgan just handed crypto another win—by playing the villain. The banking giant reportedly blocked Gemini exchange after a critical tweet from co-founder Tyler Winklevoss. Here’s why legacy finance keeps fumbling the future.

Bankers vs. Bitcoin—Again

Another day, another Wall Street tantrum over crypto’s rise. This time, JPMorgan froze Gemini’s account—allegedly over a tweet calling out the bank’s hypocrisy. Winklevoss didn’t hold back: 'If banks won’t serve innovation, why do we need banks?'

Zero Trust, Zero Progress

JPMorgan’s move reeks of old-school gatekeeping. While they dabble in blockchain 'research,' they’re still shutting doors for actual crypto pioneers. Meanwhile, decentralized exchanges hit record volumes—no permission needed.

The Irony Is Rich

Remember when Jamie Dimon called Bitcoin a 'fraud'? Now his bank’s scrambling to stay relevant in Web3. Too bad their playbook—freeze first, ask never—is straight from the 2008 crisis handbook. Some things never change.

TLDR

• Tyler Winklevoss claims JPMorgan halted Gemini’s re-onboarding process after he criticized the bank’s new data access fees for fintech companies
• JPMorgan now charges fees for third-party access to customer banking data, citing protection against misuse from 2 billion monthly requests
• Winklevoss called the fee structure anti-competitive and said it would “bankrupt fintechs” that help link bank accounts to crypto services
• JPMorgan previously removed Gemini as a customer during “Operation Choke Point 2.0” under increased regulatory scrutiny
• Gemini filed for an IPO earlier this month and continues to expand services including tokenized stocks

Tyler Winklevoss has accused JPMorgan Chase of pausing Gemini’s customer re-onboarding process in retaliation for his public criticism of the bank’s new data access fees. The Gemini co-founder made the claims on social media platform X on Friday.

JPMorgan and the banksters are trying to kill fintech and crypto companies. They want to take away your right to access your banking data for FREE via-third party apps like @Plaid and instead charge you and fintechs exorbitant fees to access YOUR DATA. This will bankrupt fintechs… pic.twitter.com/LpDVGXVrKq

— Tyler Winklevoss (@tyler) July 20, 2025

The dispute began after Bloomberg reported that JPMorgan WOULD start charging fintech companies for access to customer banking data. This data is typically used by third-party services like Plaid to connect bank accounts with various apps and crypto platforms.

Winklevoss criticized the MOVE in a tweet last week, saying it would “bankrupt fintechs that help you link your bank accounts to crypto companies.” He called the policy “egregious regulatory capture that kills innovation, hurts the American consumer, and is bad for America.”

According to Winklevoss, JPMorgan responded by telling Gemini that his criticism prompted them to pause the exchange’s re-onboarding process. The crypto executive described this as retaliation for speaking out against what he views as anti-competitive behavior.

JPMorgan defended its new fee structure without directly addressing the Gemini situation. The bank told Forbes that it receives nearly 2 billion monthly requests for user data from third parties, with most requests not tied to actual customer activity.

Background on Banking Relationship

JPMorgan previously removed Gemini as a customer during what critics call “Operation Choke Point 2.0.” This period saw many crypto companies lose banking relationships under increased regulatory scrutiny during the Biden administration.

In 2023, reports suggested JPMorgan asked Gemini to find another banking partner due to profitability concerns. However, Gemini denied these reports at the time, stating their banking relationship with JPMorgan remained intact despite contrary reporting.

The bank’s decision to charge fees for data access affects numerous fintech companies that serve as intermediaries between traditional banking and cryptocurrency services. These platforms allow users to easily move money from bank accounts to crypto exchanges and other digital asset services.

JPMorgan’s Position on Data Access

JPMorgan says the new fee structure aims to curb misuse and protect consumers from unauthorized data requests. The bank claims that charging fees will reduce unnecessary data requests and improve security for customer information.

The banking giant processes billions of data requests monthly from third-party services. Many of these requests come from companies that aggregate financial data or provide account linking services for various applications.

By implementing fees, JPMorgan says it can better control which companies access customer data and ensure requests are legitimate. The bank views this as a consumer protection measure rather than an anti-competitive practice.

Gemini’s Current Status

Gemini filed confidentially for an initial public offering earlier this month with the Securities and Exchange Commission. The exchange has not disclosed the number of shares to be offered or the expected price range.

The company continues to expand its services beyond basic cryptocurrency trading. Recent additions include tokenized stocks and plans for crypto derivatives trading in Europe through a new license.

Founded in 2014 by twins Tyler and Cameron Winklevoss, Gemini raised $400 million in November 2021 at a $7.1 billion valuation. The exchange has positioned itself as a regulated, compliant platform for institutional and retail crypto trading.

Both Winklevoss brothers have supported Donald Trump politically and attended White House events. They had Bitcoin donations to Trump’s 2024 campaign returned after exceeding federal contribution limits.

Tyler Winklevoss says Gemini will continue operating despite the banking challenges and plans to keep criticizing what he sees as anti-competitive banking practices.