JPMorgan Sparks Crypto Uproar With Sudden Freeze on Gemini Re-Onboarding
Big banks are turning up pressure on fintech and crypto firms as they work to restrict free access to consumer banking data, potentially reshaping the future of open finance. Crypto exchange Gemini’s co-founder, Tyler Winklevoss, revealed on social media platform X on July 25 that JPMorgan Chase halted its plans to reinstate Gemini as a client following his outspoken criticism of the bank. He stated:
This week, JPMorgan told us that because of it they were pausing their re-onboarding of Gemini as a customer after they off-boarded us during Operation Chokepoint 2.0.
“They want us to stay silent while they quietly try to take away your right to access YOUR banking data for free through third-party fintechs like Plaid,” he continued. Winklevoss described the move as part of a broader campaign by traditional banks to weaken consumer data rights and undermine financial technology innovation.
He pledged to continue confronting large banks over what he views as protectionist tactics. Addressing JPMorgan CEO Jamie Dimon, Winklevoss said: “Sorry, Jamie Dimon, we’re not going to stay silent. We will continue to call out this anti-competitive, rent-seeking behavior and immoral attempt to bankrupt fintech and crypto companies. We will never stop fighting for what is right!”
Operation Chokepoint 2.0 refers to an ongoing effort to “de-bank” legal but “disfavored” industries, especially crypto. Despite some official statements suggesting its end, critics point to informal regulatory pressure. Efforts to stop it include congressional oversight, proposed legislation for fair banking access, and calls for greater transparency from regulators.
The Gemini co-founder accused JPMorgan and other institutions of attempting to impose steep fees on fintech platforms that facilitate access to banking data. These platforms allow users to link bank accounts with crypto exchanges, a key step in funding purchases of bitcoin and other digital assets.
He warned:
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 … and instead charge you and fintechs exorbitant fees to access your data.
“This will bankrupt fintechs that help you link your bank accounts to crypto companies like Gemini, Coinbase, and Kraken so you can easily fund your account with fiat to buy bitcoin and crypto,” he stressed.
