Crypto exchange Gemini co-founder Tyler Winklevoss has publicly accused JPMorgan Chase of pausing the firm’s onboarding process as a customer. Winklevoss contends this action stems from his criticism of the banking giant’s newly imposed fees on financial technology data access.
The allegation comes after JPMorgan Chase implemented charges for fintech companies accessing user-permissioned consumer data. This significant change alters cost structures for fintech firms and has raised concerns about potentially stifling industry innovation and limiting consumer choice.
Winklevoss tied the reported onboarding pause directly to his opposition to JPMorgan’s fee policy. This friction follows previous indications of strain, including reports from a couple of years earlier suggesting JPMorgan asked Gemini to find alternative banking partners.
The complex public narrative surrounding Gemini and the Winklevoss twins is further complicated by their political activities, notably their support for Donald Trump.
The current dispute underscores the broader, ongoing tensions between fintech innovators and established financial institutions regarding data access rights and the structure of associated fees.