Key Takeaways
- He accused JPMorgan of attempting to suppress competition and restrict innovation, particularly in sectors that challenge traditional banking.
- Winklevoss alleged that JPMorgan’s decision was a direct response to his earlier remarks opposing the bank’s move to charge fintech firms for customer data access.
Tyler Winklevoss, co-founder of the crypto exchange Gemini has come out with scathing allegations. He took to his X account on Friday, claiming that JPMorgan Chase halted the company’s onboarding process after he publicly criticized the bank’s recent data policy. Winklevoss alleged that JPMorgan’s decision was a direct response to his earlier social media post opposing the bank’s move to charge fintech firms for customer data access.
Last week, JPMorgan sparked widespread criticism when it notified several financial data aggregators that it will begin charging fees for access to customer account data.
Winklevoss referred to his previous post, in which he said JPMorgan’s policy would negatively affect financial technology companies, especially those facilitating cryptocurrency transactions. He described the policy as an attempt to restrict access to user financial data through intermediaries such as Plaid.
He stated that following his comments, JPMorgan informed Gemini that the bank was suspending re-onboarding efforts. The firm had previously been offboarded by the bank during what Winklevoss referred to as “Operation ChokePoint 2.0,” a term used within parts of the crypto industry to describe alleged financial pressure placed on digital asset firms by traditional institutions.
“…..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”, his tweet reads
Winklevoss did not provide documentation of the communication with JPMorgan but said the bank’s decision was triggered by his social media post. He accused JPMorgan of attempting to suppress competition and restrict innovation, particularly in sectors that challenge traditional banking.
Gemini has had a history of strained dealings with JPMorgan. In 2023, reports circulated that the bank had asked Gemini to seek alternative banking arrangements, though the crypto firm said at the time that its relationship with JPMorgan remained intact.
Tyler and his twin brother Cameron Winklevoss are among the best-known figures in the crypto space. In 2021, Gemini was valued at $7.1 billion following a $400 million funding round. The company filed for a public offering in June 2025. Details on the number of shares and valuation have not yet been disclosed.
The Winklevoss twins have also been active in U.S. political circles, backing former President Donald Trump’s 2024 campaign. Donations from the brothers were later returned due to exceeding contribution limits under federal election laws.
