Gemini’s banking relationship with JPMorgan ‘remains intact’

JPMorgan Chase

In a brief and straightforward message, crypto exchange Gemini denied rumors, saying its banking relationship with JPMorgan remains intact.

Crypto exchange Gemini took to Twitter on March 8 to deny rumors about its banking relationship with United States financial conglomerate JPMorgan being terminated. In a brief and straightforward message, Gemini stated that “despite reporting to the contrary, Gemini’s banking relationship remains intact with JPMorgan.”

The comments came in response to a previous report that claimed without naming a source that the banking ties between the two companies were ending.

The rumors surfaced amid uncertainty about the future relationship between the banking system and the crypto industry in the United States, as regulatory pressure and market outflows after the dramatic collapse of crypto exchange FTX keep driving banks to reduce their exposure to cryptocurrency assets.

Among the most recent examples is Silvergate Bank. On March 3, the crypto bank disclosed plans to discontinue its digital assets’ payment network, claiming the termination was a “risk-based decision.” Concerns that a liquidity crisis could lead to a bankruptcy filing increased last week after Silvergate postponed filing its annual 10-K financial report.

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