US bank JPMorgan Chase & Co. will end its business relationship with cryptocurrency exchange Gemini, which is owned by the Winklevoss brothers, The Wall Street Journal reported, citing sources familiar with the matter.
In early 2020, the bank began trading with Gemini and Coinbase, according to the article.
JP Morgan’s deal with Coinbase remains unchanged, a Coinbase spokesperson said.
The crypto industry has been rocked by scandals and bankruptcies in the last year, and regulatory scrutiny has increased, making access to banking services even more difficult.
JP Morgan declined to comment.
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Jaminay also did not respond to a request for comment, but after the article was published, he tweeted, “Although there are articles reporting the opposite content, Gemini’s business relationship with JP Morgan remains the same.”
Even if the exchange lost one of its major banking partners, it wouldn’t matter too much. The company also does business with other banks, including State Street, according to Gemini’s website.
State Street did not respond to a request for comment by the time of publication.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Original: JPMorgan Is Cutting Ties With Crypto Exchange Gemini: Source