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Tyler Winklevoss, the co-founder of Gemini, has vehemently criticized JPMorgan Chase for attempting to stifle access to crypto services. The clash between crypto proponents and traditional financial institutions appears to be escalating.
In a recent tweet, Winklevoss expressed his outrage at JPMorgan’s decision to pause re-onboarding with Gemini following his critical remarks against the bank. He claimed that JPMorgan is retaliating against Gemini for speaking out against their plan to charge fintechs for access to customer data.
The Gemini co-founder emphasized that this development highlights a clear case of big banks attempting to protect their interests by blocking innovation in the crypto space. Winklevoss expressed his determination to continue fighting for what he believes is right, stating that “we will never stop fighting for what is right.”
This move by JPMorgan has sparked heated debates among cryptocurrency enthusiasts and industry experts on social media platforms. Some users have pointed out that traditional banks are scared of the prospect of losing control over their customers’ financial data. Others have emphasized that this issue extends beyond the confines of the crypto space, with many countries actively working towards implementing open banking regulations.
One user went so far as to suggest that Ripple needs to secure a banking license quickly if these kinds of roadblocks continue to emerge in the industry. This development serves as a stark reminder of the ongoing struggle between traditional financial institutions and innovators seeking to democratize access to financial services.
Gemini’s actions come amidst a broader backdrop of tension between crypto advocates and mainstream financial establishments.
Source: coinpedia.org
