Winklevoss Claims JPMorgan Halted Gemini Onboarding After Data Access Fees Criticism
Tyler Winklevoss Criticizes JPMorgan Chase for New Fee Structure
Last week, Tyler Winklevoss, co-founder of the crypto exchange Gemini, took to social media to criticize JPMorgan Chase for its new fee structure for fintech companies. According to a report by Bloomberg, JPMorgan announced that it would start charging fintech platforms for access to customer banking data, a move that could potentially impact companies that serve as intermediaries between traditional banks and crypto services.
In a post on X, Winklevoss expressed his concerns about the new fee structure, stating, “This will bankrupt fintechs that help you link your bank accounts to crypto companies. This is the kind of egregious regulatory capture that kills innovation, hurts the American consumer, and is bad for America.”
JPMorgan, in response to the criticism, defended its decision to implement the fees. The bank stated that it receives nearly 2 billion monthly requests for user data from third parties, many of which are not directly related to customer activity. By charging fees, JPMorgan aims to prevent misuse and protect consumers.
Following his public criticism of JPMorgan, Winklevoss revealed that the bank had paused the re-onboarding process for Gemini, the crypto exchange he co-founded. This is not the first time Gemini has faced challenges with traditional banks. During Operation Choke Point 2.0, a period of increased regulatory scrutiny, many crypto firms, including Gemini, lost access to banking services.
Despite the setbacks, Gemini has continued to expand its offerings. The exchange recently filed confidentially for an IPO and has been introducing new services, such as tokenized stocks, to its platform.
Winklevoss remains steadfast in his criticism of JPMorgan, calling out what he sees as anti-competitive behavior that could potentially harm fintech and crypto companies. As the debate over fees and access to customer data continues, it remains to be seen how this will impact the relationship between traditional banks and the emerging crypto industry.
