According to a source with knowledge of the matter, Gemini, the cryptocurrency exchange run by Cameron and Tyler Winklevoss, will no longer get banking services from the largest U.S. bank, JPMorgan (JPM).
Early in 2020, according to the Wall Street Journal, JPMorgan signed up Gemini and U.S.-listed exchange Coinbase as clients.
A representative for the San Francisco-based exchange verified that Coinbase’s banking arrangement with JPMorgan is still active.
The crypto sector is now subject to more regulatory scrutiny and has a harder time gaining access to financial services after being rocked by many scandals and crashes last year.
JPMorgan chose not to respond.
Requests for a response from Gemini, a trust corporation governed by the New York State Department of Financial Services, went unanswered. Nevertheless, Gemini stated in a tweet made following the publication of this story that “despite reporting to the contrary, Gemini’s banking relationship with JPMorgan is intact.”
Gemini is not left out in the cold, figuratively speaking, despite losing one significant financial partner. The exchange’s website states that the business has connections with more institutions, including State Street.