One of the world's largest banks, JPMorgan (JPM), is ending its banking relationship with Gemini, a digital asset exchange and regulated trust company in New York owned by US twins Cameron and Tyler Winklevoss.
Earlier, The Wall Street Journal,a US daily business newspaper, reported that JPMorgan had accepted both Gemini and Coinbase, a US cryptocurrency platform, as clients in 2020. A Coinbase representative in San Francisco confirmed that their banking cooperation with JPMorgan remains unchanged.
After several scandals and bankruptcies rocked the cryptocurrency sector over the past year, it has become much harder for them to obtain financial services due to increased regulatory oversight. Gemini Trust Company, regulated by the New York State Department of Financial Services, was unavailable for comment.
However, they later released a statement saying that: ‘Contrary to reports, Gemini's banking alliance with JPMorgan remains unchanged.’ It is unlikely that the departure of one major banking partner will leave Gemini in a difficult position, as they still have connections with other banks, such as State Street. State Street did not respond to a request for comment.