JP Morgan Gemini Fallout Linked to Open Banking Rule Disputes

The tension between crypto exchange Gemini and banking giant JPMorgan Chase has taken a fresh turn. Tyler Winklevoss, co-founder of the platform, says the bank suddenly froze efforts to restart their business relationship.

The reason? His strong public criticism of JPMorgan’s push to charge fintech firms for access to customer banking data.

This JP Morgan Gemini fallout isn’t just a private disagreement. It reflects a larger fight over open banking, consumer rights, and the future of crypto in the United States.

JP Morgan Gemini Ties Break After Open Banking Dispute

Tyler Winklevoss took to social media on July 25 to share that JPMorgan paused platform’s re-onboarding process. The move reportedly came just days after he criticized the bank’s attempts to weaken a key rule that supports free access to banking data.

Source: Tyler Winklevoss

The cryptocurrency platform was previously offboarded by JPMorgan during what Winklevoss calls Operation ChokePoint 2.0 an unofficial campaign that pressured banks to cut ties with digital assets firms.

Winklevoss didn’t hold back. He accused JPMorgan of trying to silence critics and force fintech companies to pay huge fees just to access basic user data that belongs to customers.

Why Open Banking Matters to Crypto?

The heart of the JP Morgan Gemini conflict lies in a rule from the Consumer Financial Protection Bureau (CFPB). This rule, under Section 1033, would ensure that consumers can give apps like Plaid free access to their bank account information.

These apps connect traditional bank accounts to crypto exchanges like Gemini , Coinbase, and Kraken, allowing people to fund their cryptocurrency purchases.

But JPMorgan and other big banks are reportedly fighting this rule in court. According to Winklevoss, they want to end free data access and replace it with expensive paywalls, something that could crush small fintech firms and harm the digital assets space.

“They want to bankrupt fintechs and make it harder for you to buy bitcoin,” Winklevoss said in his post.

Crypto vs. Traditional Banks

This isn’t just about one company losing a bank partner. The JP Morgan Gemini situation shows how traditional banks may be using their power to push back against rising fintech and digital currency players.

Tyler called out JPMorgan CEO Jamie Dimon directly, saying the bank is using “anti-competitive” tactics to block innovation and protect its turf.

He also linked the bank’s lawsuit to efforts that go against former President Donald Trump’s plan to make the U.S. a global leader in cryptocurrency industry. It’s a clear sign that the fight for open finance is becoming political, too.

JP Morgan Gemini Fallout Sparks Industry Concerns

Many crypto companies have lost long-standing banking support in the past two years. As regulatory pressure grows, some have been forced to find workarounds or move services overseas.

Winklevoss and others see this as part of a broader push of what they call “Operation ChokePoint 2.0” to quietly push digital currencies out of the traditional financial system.

Even the FDIC has acknowledged some “targeted efforts” against digital assets firms. And with the JP Morgan Gemini fallout making headlines, the spotlight is now on whether banks are truly being fair or just protecting their own interests.

What Comes Next?

As of now, JPMorgan has not responded publicly to Winklevoss’s claims. But this fued story is far from over.

It could shape how easily everyday users can move between banks and crypto platforms in the future and whether financial innovation in the U.S. gets the freedom to grow or is quietly shut down.