Tyler Winklevoss, co-founder of Crypto Exchange Gemini, claimed that Jpmorgan Chase had stopped Gemini’s onboarding process after criticising the new fee structure of Fintech companies’ banks.
Last week, Winklevoss publicly criticized JPMorgan CEO Jamie Dimon after Bloomberg reported that banks would begin billing the Fintech platform for access to customer bank data. Many of these platforms act as bridges between traditional banking and crypto services.
“This will bankrupt Fintech, which helps link bank accounts to crypto companies,” Winklevoss posted on X.
Although JPMorgan did not directly address Gemini, it defended its decision, informing Forbes that approximately 2 billion monthly requests for user data came from third parties, with most of them not being tied to actual customer activity.
By charging fees, banks say they aim to curb misuse and protect consumers. In a follow-up tweet, Winklevoss told Gemini that the bank had suspended reloading of the replacement.
JPMorgan had previously offboarded the Gemini during the so-called Operation Choke Point 2.0. This was a period when many crypto companies lost bank access under regulatory scrutiny.
“We continue to call for this anti-competitive, rent-seeking action and immoral attempts to bring fintech and crypto companies to bankruptcy,” Winklevoss wrote.
Gemini, which filed confidentially with the IPO earlier this month, is increasing the number of services it has recently begun, including tokenized stocks.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
