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Tyler Winklevoss, co-founder of Gemini, has asserted that JPMorgan Chase has suspended the onboarding process for the crypto exchange following his public critique of the bank’s new policy regarding access to financial data.
Key Takeaways:
- Tyler Winklevoss alleges that JPMorgan halted Gemini’s onboarding after his criticism of the bank.
- He accused the bank of engaging in anti-competitive practices and attempting to restrict consumer access to crypto through third-party applications.
- This conflict arises as Gemini gears up for a potential IPO.
In a post shared on X on Friday, Winklevoss indicated that JPMorgan reacted to his recent remarks by pausing Gemini’s re-onboarding, a process the bank had started after previously severing ties during what Winklevoss labeled “Operation ChokePoint 2.0.”
The situation follows a Bloomberg report that disclosed JPMorgan’s intentions to start charging fintech firms for access to customer banking information.
Winklevoss Critiques Banking Regulations as Anti-Crypto and Anti-Competitive
A long-time opponent of banking limitations on cryptocurrency, Winklevoss described the action as anti-competitive and cautioned that it could jeopardize companies that enable access to crypto markets.
He also accused JPMorgan of attempting to restrict consumers’ ability to share their financial data with third-party fintech services such as Plaid.
“We will persist in highlighting this anti-competitive, rent-seeking behavior and unethical effort to undermine fintech and crypto firms,” he stated. “We will never cease advocating for what is just!”
Gemini’s banking relationship with JPMorgan has been fraught. In 2023, reports surfaced that the bank had advised the crypto firm to pursue other banking partners, citing concerns over profitability.
Gemini subsequently refuted those claims, asserting that their relationship with JPMorgan remained intact despite the rumors.
My tweet from last week struck a nerve. 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… https://t.co/c9Ls7QpAmT
— Tyler Winklevoss (@tyler) July 25, 2025
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The Winklevoss twins, who have political ties to Donald Trump, have taken a vocal position in recent months as U.S. regulators intensify their examination of crypto platforms.
Their contributions to Trump’s 2024 presidential campaign were returned earlier this year after exceeding federal contribution limits.
The ongoing dispute with JPMorgan occurs at a pivotal moment for Gemini. The exchange filed confidentially for an initial public offering with the U.S. Securities and Exchange Commission last month. Specifics regarding share pricing and offering size have yet to be revealed.
Established in 2014, Gemini secured $400 million in a funding round in November 2021, achieving a valuation of $7.1 billion.
$500K Club: Crypto and Political Elites Unite at DC’s Executive Branch
As reported, a new exclusive club in Washington, D.C. named Executive Branch, co-founded by Donald Trump Jr., David Sacks, and the Winklevoss twins, is charging $500,000 for membership.
Situated in Georgetown, the club is set to open soon and already has a waiting list.
Its launch event attracted prominent political and tech figures, including Secretary of State Marco Rubio and SEC Chairman Paul Atkins, highlighting the club’s objective of merging political influence, crypto impact, and elite networking.
At $500,000, Executive Branch ranks among the most expensive private clubs in the U.S., surpassing venues like Aman Club.
The founders aim to establish it as a center for conservative crypto leaders seeking close connections with regulators and lawmakers.
Membership is highly selective, necessitating referrals and background checks.
Despite offers reaching as high as $1 million for early access, some applicants have reportedly been turned away.
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