JPMorgan Cuts Ties With Gemini: Will Bitcoin, Ether Collapse As Major Bank Drops Winklevoss Twins' Exchange?

Zinger Key Points
  • Coinbase's banking relationship with JPMorgan remains intact.
  • Gemini has other banking partnerships, including with State Street.

JPMorgan JPM has ended its banking relationship with Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss.

The banking giant had taken on Gemini and Coinbase COIN as customers early last year.

While Coinbase Global Inc COIN's banking relationship with JPMorgan remains intact, the cryptocurrency industry is now facing increased regulatory scrutiny and difficulty in accessing banking services, Coindesk reported Wednesday, quoting a source.

JPMorgan declined to comment on the matter, the publication said. 

Also read: India's Latest Move Spells Doom For Crypto Investors: Here's What You Need to Know

Gemini, which is regulated by the New York State Department of Financial Services, did not respond to Coindesk's requests for comment. 

The exchange has other banking partnerships in place, including with State Street, according to its website. 

Next: 10 Crypto Scam Warning Signs: When Promises Don't Deliver ... Or Worse

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsTop StoriesMarketsMediaCameron WinklevossCryptocurrency ExchangeGeminiNew York State Department of Financial ServicesTyler Winklevoss
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!