Gemini co-founder Tyler Winklevoss has called out JPMorgan over its treatment of his crypto exchange. Winklevoss accused the largest U.S. bank of refusing to re-onboard the exchange after he criticized them last week over their involvement in Operation Chokepoint 2.0.
JPMorgan Holds Off On Re-Onboarding Gemini
In an X post, Winklevoss revealed that the U.S. banking giant informed them this week that they are pausing their re-onboarding of Gemini due to his criticism of the bank last week. The exchange’s co-founder noted that the bank had earlier off-boarded them during Operation Chokepoint 2.0.
As such, he declared that JPMorgan wants him to stay silent while they quietly attempt to restrict their customers’ access to free banking data through third-party fintechs. Last week, Winklevoss called out the bank and its banksters, stating that they were still trying to kill fintech and crypto companies.
He revealed that the bank had decided to charge users and other fintechs exorbitant fees to access this data instead of allowing users to access the data for free through third-party platforms like Plaid. Winklevoss warned that this could bankrupt fintechs that help users link their bank accounts to crypto companies, such as top crypto exchanges Coinbase, Kraken, and Gemini.
However, the Gemini CEO told the JPMorgan CEO, Jamie Dimon, in his post that they would not stay silent. He declared that they will continue to call out this “anti-competitive, rent-seeking behavior and immoral attempt to bankrupt fintech and crypto companies.”
Winkelvoss added that they will never stop fighting for what is right. Notably, the refusal to re-onboard Gemini comes just as banking regulators, including the Federal Reserve, released guidance for banks on crypto custody. The statement from these regulators made it clear that Operation Chokepoint 2.0 is meant to be a thing of the past.
Provision For These Crypto Companies To Access This Data
In his earlier X post, Winklevoss had cited the “Open Banking Rule” under Section 1033 of the Consumer Financial Protection Act, which grants users the right to access their banking data through third-party applications despite the move from JPMorgan.
He further stated that these banksters are suing the CFPB to annul the Open Banking Rule and end the open banking era. The Gemini CEO stated that this is the kind of “egregious regulatory capture” that stifles innovation, harms Americans, and is detrimental to the U.S. in general.
In line with this, Winkelvoss declared that Dimon and his “cronies” are attempting to undermine President Trump’s mandate to make the U.S. the global leader in cryptocurrency.
It is worth noting that the JPMorgan CEO is a well-known critic of cryptocurrencies. Despite this, his bank is exploring various means to enter the industry, including potentially offering crypto-backed loans.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.
Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
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