The recent decision by JPMorgan to suspend the onboarding of Gemini
The recent decision by JPMorgan to suspend the onboarding of Gemini has raised crucial questions in the international financial sector.
At the center of the controversy are access to banking data, increasingly stringent regulation, and the often conflicting relationship between traditional institutions and crypto platforms. The positions are clear: while historic banks strengthen control, fintech operators report obstacles that risk delaying innovation.
The causes of the block: public divergences and data issues
Where does the friction between JPMorgan and Gemini originate?
According to statements by Tyler Winklevoss, co-founder of Gemini, the suspension of re-onboarding would have occurred in July 2025 after his harsh criticisms of banking policies deemed too restrictive, particularly following a Bloomberg report on JPMorgan’s introduction of new fees for fintech access to banking data.
This move has brought the issue of accessibility to financial data, fundamental for crypto platforms operations, back into the spotlight.
Access to banking data: the real bone of contention
Many fintech entities, including Gemini, complain that the payment or restriction of access to Open Banking APIs could hinder the entry of new players. Banks are adopting “walled data” policies that impose fees or limitations on fintech services that wish to integrate data flows with traditional banking ones.
Immediate consequences on fintech and crypto exchanges
Impact on onboarding procedures
- Operational delays: crypto platforms face longer times to complete account recognition and linking procedures.
- Increased bureaucratic complexity: the required documentation increases, penalizing startups and less structured operators.
- Growing regulatory uncertainty: the lack of clear regulations generates concern among new investors.
- Risk of a trust crisis: the perception of an obstructionist attitude by banks can reduce trust between operators and financial institutions.
The perspective of crypto companies in Italy
Many Italian startups in the sector complain that the structural limitation on data access risks slowing the ecosystem’s growth. According to the fourth fintech survey by the Bank of Italy 2023, 56% of fintech platforms report increasing difficulties in relationships with traditional banks, especially due to access to current account data and the application of new fees. (Source: Bank of Italy 2023)
Innovation at risk? The dilemma of banking data restrictions
What are the repercussions for the crypto market?
The restrictions imposed by some banks, such as the request for fees for access to banking data, constitute a potential brake on the adaptation of new financial technologies.
The use of interfaces like Plaid, which simplify the connection between bank accounts and exchanges, is often limited by banking policies and the need to comply with PSD2 regulations. Plaid continues to operate in Europe in compliance with PSD2 regulations, but some banks seek to limit direct access at the cost of higher fees.
Tyler Winklevoss argues that “preventing customers from easily using third-party services to manage their data goes against competition and innovation.”
Official positions: silence and diplomacy
What is the reaction of the parties involved?
On one side, Gemini reiterates keeping the dialogue open with JPMorgan and continues to adopt all necessary compliance procedures. On the other side, JPMorgan has not released public statements on the latest blocking accusations. This lack of transparency fuels uncertainty and discontent, leaving the sector awaiting clearer answers.
Fintech regulation in Italy: between opportunities and obstacles
Traditional banks and digital operators: is a new pact needed?
The Gemini-JPMorgan case pushes the debate on fintech regulation in Italy. The main sector operators are calling for rules that balance security and innovation, removing unnecessary limits on data access but without sacrificing consumer protection.
According to the Bank of Italy 2023 report, “a collaborative and updated regulatory environment is essential to foster the growth of the fintech sector and the competitiveness of the Italian economy.”
Furthermore, the MEF is working with the Bank of Italy, Consob, and Ivass for fintech regulatory experimentation and regulatory adaptation, but there are still no specific rules imposing data access obligations without costs to banks for fintech.
Voices from the sector: solutions and future prospects
- Institutional dialogue: working groups between banks and fintech are necessary to overcome misunderstandings and find common standards for data access.
- Shared innovation: partnerships between traditional and digital operators can revive trust and expansion of the crypto sector.
- Regulatory balance: Italy, in line with EU directives like PSD2 and awaiting PSD3, will need to adopt guidelines that encourage transparency without blocking competition.
The open challenge between banks and crypto platforms
The Gemini-JPMorgan case represents a warning signal for the Italian and international fintech landscape. Tensions over access to banking data risk becoming a significant obstacle to innovation, while the lack of clear rules fuels operators’ concerns. The question remains open: how is it possible to find a balance between defending security and promoting technological innovation?
An increasingly digital society needs concrete and timely responses: will banks and crypto platforms be able to overcome mutual distrust for the benefit of consumers and the entire financial ecosystem?