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Gemini refutes claims JPMorgan is ending banking relationship

AuthorSam Boughedda
Published 08/03/2023, 20:42
© Reuters.
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By Sam Boughedda

CoinDesk reported Wednesday afternoon that JPMorgan (NYSE:JPM) is ending its banking relationship with Gemini, but the cryptocurrency exchange has swiftly moved to deny the report.

JPMorgan took on the crypto exchange owned by Cameron and Tyler Winklevoss and Coinbase (NASDAQ:COIN) as customers in early 2020, making them the bank's first clients from the industry.

The report by CoinDesk states that Coinbase's banking relationship with JPMorgan is still intact, but Gemini's is ending at a time when the crypto industry is facing increasing scrutiny from regulators following numerous scandals and collapses in 2022.

Gemini is still said to have relationships with other banks, such as State Street (NYSE:STT), which selected Gemini for its new digital asset pilot in 2019. However, the company refuted the CoinDesk report in a tweet late Wednesday, stating: "Despite reporting to the contrary, Gemini's banking relationship remains intact with JPMorgan."

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