Tyler Winklevoss has accused the banking giant JPMorgan Chase & Co. of halting the onboarding of his crypto exchange, Gemini after he publicly criticised the bank. He posted on X(Twitter), responding to a Bloomberg report about new fees.
Winklevoss says the bank’s move will “bankrupt fintechs” that link consumer accounts to crypto platforms. He insists JPMorgan acted in retaliation for his comments.
Bank Rolls Out New Data Fees
JPMorgan recently announced that it will begin charging fintech firms for access to customers’ bank information through its secure system.
The bank said it handles nearly 2 billion data requests each month from so‑called “data middlemen,” and that over 90 % of these have nothing to do with a user’s fintech activity.
JPMorgan argues that the fees will ensure that data is shared only when a customer requests it and will protect sensitive information.
In its statement, the bank noted that some data resellers impose fees on their clients but do not always manage the process responsibly. By setting a formal charge, JPMorgan says it can enforce higher security standards.
Gemini did not immediately comment on Tyler Winklevoss’s allegation or the bank’s fee plan. A spokesperson for JPMorgan also declined to discuss the specifics of its current relationship with the crypto exchange.
A History of Strained Ties
The relationship between Gemini and JPMorgan has been rocky for years. Several years ago, before U.S. regulators took a more welcoming stance toward digital assets, JPMorgan asked Gemini to find another banking partner. At that time, supporting the exchange was no longer profitable for the firm.
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Tyler and his twin brother, Cameron, have long been high‑profile figures in the crypto world. They helped launch Gemini in 2015 after a well-publicised legal battle with Facebook founder Mark Zuckerberg over the social network’s origins.
The twins also backed former President Donald Trump’s campaign and attended White House events, even as JPMorgan CEO Jamie Dimon spoke out against cryptocurrencies.
Gemini’s IPO Plans and Legal Wrappers
Earlier this year, Gemini confidentially filed for an initial public offering. The exchange could list shares as soon as this year. That plan hinges on the close of an ongoing SEC probe into the company.
In January, Gemini agreed to pay $5 million to settle a Commodity Futures Trading Commission lawsuit.
Shifting Politics in Washington
The crypto industry has found fresh support on Capitol Hill. Until now, digital‑asset firms faced years of regulatory uncertainty under the current administration.
But in July, the U.S. House passed the first major stablecoin law, and President Trump signed it into law the next day. This marks the first time Congress has approved a broad crypto measure, and it signals a more friendly climate for the industry.
If JPMorgan’s fees effectively bar fintech partners, smaller firms could struggle to link user accounts to services like Gemini. That, in turn, may slow customer access to digital‑asset trading and wallet services.
Tyler Winklevoss’s public challenge to the bank highlights the growing tension between traditional financial giants and the fast‑evolving crypto sector.
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