Gemini Co-Founder Tyler Winklevoss claims JPMorgan Chase paused re-onboarding his firm as a customer following his public criticism of the bank’s practices on Twitter as of July 25, 2025.
The pause impacts Gemini’s fiat-crypto conversion, hinting at broader tensions between traditional banking and fintech, potentially restricting liquidity for BTC and ETH amid market scrutiny.
Recent events highlight the tensions between major banking institutions and crypto exchanges. Tyler Winklevoss’s allegations against JPMorgan bring these issues to the forefront.
JPMorgan’s decision to pause the account re-onboarding of Gemini, amid public disputes and regulatory concerns, could have significant repercussions on crypto trading and fiat-crypto conversions.
JPMorgan Re-Onboarding Halt Sparks Controversy
Tyler Winklevoss alleges that JPMorgan halted Gemini’s account re-onboarding following his public criticism. This move was highlighted by Winklevoss in a statement shared on social media channels. He mentioned, “My tweet from last week struck a nerve. This week, JPMorgan told us that because of it they were pausing their re-onboarding of @Gemini as a customer after they off-boarded us during Operation ChokePoint 2.0. They want us to stay silent while they quietly try to take away your…”Winklevoss and JPMorgan have been involved in a public dispute. The halt on account re-onboarding occurs amidst claims of prior de-banking during Operation ChokePoint 2.0.
Potential Fiat-Crypto Conversion Disruptions Loom
The pausing of Gemini’s banking account with JPMorgan could affect fiat-crypto conversions. The community reaction largely defends Gemini, highlighting issues surrounding open banking and regulatory pushback.
Financial constraints might arise due to limited fiat access. Past patterns show disruptions can affect trading volumes in major cryptocurrencies like BTC and ETH, potentially leading to shifts toward stablecoins. Winklevoss accuses JPMorgan of retaliating against open banking criticism.
Historical Banking Clampdowns Affect Crypto Trading
Banking clampdowns have occurred before, often leading to temporary disruptions. Previous events, such as the 2023 de-banking wave, showed effects on major assets and stablecoin usage.
Experts suggest similar disruptions could result in short-term market volatility. Based on historical data, peers have utilized decentralized exchanges to counter fiat access constraints during such instances.
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