JPMorgan is stated to have severed ties with cryptocurrency exchange Gemini following warnings from US authorities.
Update:
Announcement on Twitter following publish by CoinDeskGemini exchange representatives announced that their banking partnership with Gemini is nevertheless maintained.
Despite reviews to the contrary, Gemini’s banking romantic relationship stays intact with JPMorgan.
— Gemini (@Gemini) March 8, 2023
Original message:
Second CoinDeskJPMorgan has terminated its partnership with Gemini, a cryptocurrency exchange licensed by the New York government.
JPMorgan has only two clientele, a cryptocurrency business, such as Coinbase and Gemini, which has been supporting USD transactions for these two platforms because 2020. Coinbase representatives confirmed with CoinDesk that the romantic relationship with JPMorgan continues usually.
SCOOP: US banking electrical power @JP Morgan is ending its banking romantic relationship with cryptocurrency exchange @Twins.@IanAllison123 relationshipshttps://t.co/kw1KMkAqMP
—CoinDesk (@CoinDesk) March 8, 2023
JPMorgan’s move comes as a financial institution with huge publicity to the cryptocurrency sector in the US, Silvergate Bank, is dealing with a crisis when it is late filing economic statements with the SEC, only to be blocked by regulators. .
Following the collapse of the FTX exchange, US officials earlier this 12 months issued a warning to banking institutions that have partnerships with the cryptocurrency sector, highlighting the dangers this sector poses. Since then, two other key cryptocurrency exchanges, Binance and Bybit, have admitted to dropping their US banking companion.
Federal Reserve Chairman Jerome Powell in his testimony prior to the US Senate on March seven after yet again talked about this difficulty.
Gemini is 1 of the oldest cryptocurrency exchanges in the United States, founded by the billionaire Winklevoss brothers, who after sued Mark Zuckerberg in court above the plan of forming the social network Facebook. In early 2023, Gemini made a decision to publicly contradict lending platform Genesis for holding $850 million in consumer deposits following Genesis blocked withdrawals due to FTX involvement.
After coming below strain, Genesis had to file for bankruptcy in late January. Both Gemini and Genesis are below investigation by the SEC above transactions among the two.
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