Coinbase said that its banking connection with JPMorgan is still in effect.
According to a source with knowledge of the matter, JPMorgan (JPM) is severing its partnership with Gemini, the cryptocurrency exchange controlled by Cameron and Tyler Winklevoss.
According to the Wall Street Journal, JPMorgan acquired Gemini and U.S.-listed exchange Coinbase as clients in early 2020.
The connection between Coinbase and JPMorgan is intact, a representative for the San Francisco-based exchange said.
The crypto business, which was rocked by multiple scandals and failures the previous year, now confronts more regulatory scrutiny and increasing difficulties in gaining access to financial services.
JPMorgan was unwilling to comment. The New York State Department of Financial Services-regulated trust business Gemini did not reply to calls for comment. Gemini tweeted after this story was published, “Despite reports to the contrary, Gemini’s banking relationship with JPMorgan is intact.”
Gemini’s loss of a critical financial partner is unlikely to leave it literally out in the cold. According to the exchange’s website, the firm has ties with other institutions, such as State Street. State Street did not reply to comment inquiries either.
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