Share this article
JPMorgan Is Cutting Ties With Crypto Exchange Gemini: Source
Coinbase said its banking relationship with JPMorgan remains intact.
By Ian Allison
Updated May 9, 2023, 4:09 a.m. Published Mar 8, 2023, 6:21 p.m.
U.S. banking giant JPMorgan (JPM) is ending its banking relationship with Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss, according to a person familiar with the situation.
Back in early 2020, JPMorgan took on Gemini and U.S.-listed exchange Coinbase as customers, the Wall Street Journal reported.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Coinbase's banking relationship with JPMorgan remains intact, a spokesperson for the San Francisco-based exchange confirmed.
The crypto industry, which was rocked by numerous scandals and collapses last year, now faces heightened regulatory scrutiny and greater difficulty accessing banking services.
JPMorgan declined to comment.
Gemini, a trust company regulated by the New York State Department of Financial Services, did not respond to requests for comment. In a tweet sent after the publication of this article, however, Gemini wrote, "Despite reporting to the contrary, Gemini's banking relationship remains intact with JPMorgan."
Gemini's loss of one major banking partner likely does not leave it in the figurative cold. The company has relationships with other banks, including State Street, according to the exchange's website. State Street also did not respond to requests for comment.
UPDATE (March 8, 19:17 UTC): Updated with Gemini's tweet.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Most Influential: Brandon and Howard Lutnick
The world's biggest stablecoin issuer struggled to maintain banking relationships for a few years and faced accusations it wasn't fully backing its circulating tokens — then one of the world's biggest financial firms, Cantor Fitzgerald, became its custodian.
Top Stories
