Tyler Winklevoss Claims JPMorgan Halted Gemini Onboarding After Fee Criticism

Tyler Winklevoss, co-founder of crypto exchange Gemini, alleged that JPMorgan Chase paused Gemini’s onboarding process after he criticized the bank’s new fee policy targeting fintech firms. Winklevoss recently called out JPMorgan CEO Jamie Dimon on X, responding to Bloomberg’s report that the bank would charge fintech platforms for customer data access. These platforms often act as bridges between traditional banking services and cryptocurrency companies.

Winklevoss warned the policy could “bankrupt fintechs” that enable users to connect bank accounts to crypto services, calling it “egregious regulatory capture” that stifles innovation and harms consumers. JPMorgan, while not addressing Gemini specifically, defended the fees in comments to Forbes, citing nearly two billion monthly third-party requests for user data, most unrelated to actual customer activity. The bank claims the fees aim to reduce misuse and enhance consumer protection.

In a follow-up post, Winklevoss stated JPMorgan informed Gemini it was pausing re-onboarding the exchange. The bank had previously offboarded Gemini during “Operation Choke Point 2.0,” a period when several crypto firms lost banking access under regulatory pressure.

Winklevoss vowed to continue challenging what he describes as “anti-competitive, rent-seeking behavior” against fintech and crypto companies. The dispute comes as Gemini confidentially filed for an IPO earlier this month and expands its services to include tokenized stocks, positioning itself for greater competition in the evolving digital asset market.

The conflict highlights ongoing tensions between major U.S. banks and cryptocurrency platforms, particularly as regulatory scrutiny on data sharing and fintech operations intensifies.