Gemini Co-Founder Accuses JPMorgan of Pausing Onboarding Over Recent Criticism

Gemini’s co-founder, Tyler Winklevoss, levied some serious accusations on investment bank JPMorgan Chase & Co. According to his latest X post, the banking giant has paused Gemini’s re-onboarding process due to recent public criticism.

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… https://t.co/c9Ls7QpAmT

— Tyler Winklevoss (@tyler) July 25, 2025

JPMorgan Halts Gemini’s Re-Onboarding Process 

Winklevoss revealed that JPMorgan informed the team of their decision this week. In March 2023, the bank severed its ties with the cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss as part of Operation Chokepoint 2.0.

According to the United States House Financial Services Committee, Operation Choke Point 2.0 aimed to target and debank the digital asset ecosystem. This means that it was carried out to discourage banks from providing financial services to crypto-based and digital asset businesses.

However, with Donald Trump’s embrace of the crypto market, firms like JPMorgan are relaxing their previously stringent stance on crypto.

Winklevoss Backlashes JPMorgan

The criticism from the Gemini co-founder dates back approximately a week. On July 20, Tyler Winklevoss called out JPMorgan on X in reference to a Bloomberg news report published a few days earlier.

The report revealed JPMorgan’s plans to start charging fintech companies fees to access their customers’ bank account information. Expected to take effect later, the fees would vary, depending on how the companies want to use the information.

This move stirred up criticism from individuals, including Winklevoss, who quickly took to his X page to register his displeasure. He wrote:

“JPMorgan and the banksters are trying to kill fintech and crypto companies.”

This public backlash likely did not sit well with JPMorgan’s CEO, Jamie Dimon. As a result, the bank decided to halt Gemini’s re-onboarding process.

JPMorgan Slowly Expands Crypto Services

In the past, Dimon repeatedly declared a firm negative position on Bitcoin, naming the asset a Ponzi scheme. Recently, though, his company expanded its crypto services to include Bitcoin purchases.

In related news, CoinTab also reported that JPMorgan has plans to issue loans backed by cryptocurrency assets such as BTC and ETH. This will enable clients to use their crypto holdings and crypto-linked ETFs as collateral.