JPMorgan Chase suspended its partnership with cryptocurrency exchange Gemini after co-founder Tyler Winklevoss unleashed a social media tirade against the bank’s new data access fees. Winklevoss called the charges “anti-competitive garbage” and accused JPMorgan of “rent-seeking” behavior that bullies crypto firms. The banking giant justified the fees citing two billion monthly data requests, with 90% unrelated to fintech services. The partnership freeze highlights growing tensions between traditional banks and the crypto world, with broader implications for the industry’s future.
JPMorgan Chase just hit the pause button on its partnership with cryptocurrency exchange Gemini, and the timing couldn’t be more telling. The banking giant suspended the relationship after Gemini co-founder Tyler Winklevoss went scorched earth on social media, blasting JPMorgan’s new data access fees as pure “rent-seeking” behavior.
Here’s what happened. JPMorgan decided to start charging fees for data intermediaries that connect users to crypto services through bank account data access. Pretty standard corporate move, right? Well, Winklevoss didn’t see it that way. He took to X, formerly Twitter, and absolutely torched the policy as anti-competitive garbage that threatens crypto platforms like his own.
The Winklevoss criticism wasn’t just your typical corporate griping. He positioned Gemini as some kind of champion for open banking and transparent data-sharing practices. Meanwhile, he painted JPMorgan as a monopolistic bully specifically targeting crypto companies. Bold move, considering JPMorgan holds the keys to the traditional banking kingdom. With crypto ownership rates showing 28% of Americans now holding digital assets, the stakes in this conflict are particularly high.
But here’s where it gets interesting. JPMorgan had actually been working on re-onboarding Gemini after previously cutting ties during the 2022 “Operation Choke Point 2.0” campaign, when banks basically ran away from crypto firms like they had the plague. That re-onboarding process? Dead in the water as of July 2025.
The whole mess reflects a much bigger battle brewing between legacy banks and fintech companies. Traditional banks are trying to monetize everything they can get their hands on, especially when it comes to data access. Meanwhile, fintech firms are pushing for open financial ecosystems where data flows freely. JPMorgan justifies the fees by pointing to the staggering two billion monthly data requests they’re fielding, with 90% of those requests having nothing to do with actual fintech services.
JPMorgan’s fees could seriously hurt startups and fintech companies that rely on third-party aggregators for financial data access. That’s potentially bad news for innovation in the space. Financial industry observers are calling this clash part of a wider war between old-school banking monetization efforts and fintech’s push for user empowerment.
The suspension highlights just how shaky trust remains between traditional banks and crypto exchanges. Regulatory uncertainty isn’t helping matters either. JPMorgan confirmed the partnership pause but kept details about the future pretty vague. Smart move, considering the circumstances. Despite the banking drama, Gemini filed for an initial public offering in secret during the first half of the year and continues pushing forward with its public debut plans.
