Winklevoss Slams JPMorgan for Blocking Gemini’s Banking Access

Tyler Winklevoss, co-founder of crypto exchange Gemini, has accused JPMorgan of retaliating against the platform by freezing its effort to restore banking services.

According to Winklevoss, the bank halted Gemini’s re-onboarding process in direct response to a critical tweet he posted about the banking industry’s stance on financial data access and crypto.

The issue, Winklevoss claims, stems from his July 19 tweet that accused major U.S. banks of trying to sabotage the Consumer Financial Protection Bureau’s (CFPB) upcoming open-banking rule under Section 1033. This rule is designed to give consumers free access to their banking data through third-party services like Plaid — a tool many Americans rely on to link checking accounts to crypto platforms such as Gemini, Coinbase, and Kraken.

Winklevoss said JPMorgan’s reaction confirms a broader trend of what he describes as “Operation Choke Point 2.0” — an alleged effort by banking elites to quietly push crypto firms out of the financial system. He asserted that traditional financial institutions are attempting to replace free data connections with high-fee models that would “bankrupt fintechs” and stifle retail access to digital assets.

READ MORE:

U.S. Dollar Comes Onchain as GENIUS Act Ushers in Digital Era

“These banksters want us to stay silent while they quietly try to take away your right to access your banking data for free,” Winklevoss said, adding that Gemini will not be intimidated into silence.

He further described the banks’ legal challenge to the CFPB as a blatant case of “regulatory capture” and warned that the outcome could determine whether the U.S. truly becomes the “crypto capital of the world,” aligning with President Donald Trump’s stated goal.

Winklevoss’s remarks highlight ongoing tension between legacy financial players and the crypto industry’s advocates for open access and innovation.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.