Wall Street titan JPMorgan Chase & Co. will reportedly sever its banking relationship with crypto exchange Gemini, a person familiar with the matter said.
The bank started its relationship with New York-based Gemini Trust Co. during the Covid-19 pandemic in May 2020.
JPMorgan handled cash-management services for the exchange. It also processed transactions denominated in U.S. dollars for Gemini’s American customers.
JPMorgan reportedly agreed to onboard the firm because of the latter’s registration with the New York financial regulator. The bank’s relationship with the exchange’s rival Coinbase is still intact.
The New York-based exchange has denied the allegations.
This is a developing story.
Main content of the article:
JPMorgan Chase is reportedly ending its banking relationship with cryptocurrency exchange, Gemini Trust Co. The bank began servicing the New York-based exchange in May 2020, providing cash-management services and processing transactions denominated in US dollars for US-based Gemini customers. JPMorgan had agreed to work with Gemini due to its registration with New York financial regulator. However, the bank’s affiliation with rival exchange Coinbase remains unchanged. Gemini has denied the allegations.
