Gemini Accuses JPMorgan Chase of Blocking Bank Data Access, Severely Impacting Fintech and Crypto Companies
On July 26, Tyler Winklevoss – co-founder of the Gemini cryptocurrency exchange – spoke out, accusing JPMorgan Chase of implementing a new data control policy directly affecting Gemini's operations and users.
Specifically, JPMorgan Chase is said to have taken measures to restrict Gemini users' bank data access through intermediary fintech platforms like Plaid. According to Winklevoss, this move could constitute anti-competitive behavior, harming the development of both the fintech sector and the cryptocurrency industry as a whole.
The tension reportedly originated from a recent Bloomberg report disclosing that JPMorgan Chase would begin charging fintech companies for accessing the bank's customer account data. Tyler Winklevoss strongly criticized this decision, arguing that it is a severe blow to fintech companies – especially those providing cryptocurrency trading services – and could cause many businesses in the industry to face bankruptcy risks. He believes this public opposition stance is the reason JPMorgan is "angry".
Additionally, he revealed that Gemini-related services have been suspended under the "Operation ChokePoint 2.0" campaign – an effort allegedly aimed at tightening traditional financial system access for cryptocurrency companies.
