JP Morgan bank would have “cut ties” with Gemini? The great return of FUD

True or false: doubt is sown – Thinning in the market of Bitcoin (BTC) and cryptocurrencies, observed since the beginning of 2023, was clearly too good to last. The past few weeks have seen the return of FUD (fear, uncertainty, doubt), on a sector that has once again become febrile. And the recent voluntary liquidation of Silvergate Bank not likely to make things better. The last rumor of anxiety comes to us from the crypto exchange Geminiwho would have problems with his bank accounts with JP Morgan.

Gemini in real trouble, but how badly?

The cryptocurrency exchange platform Geminifounded in 2015 by the twin brothers Winklevoss, is in a difficult situation. She was hit indirectlyfollowing numerous bankruptcies of crypto players in 2022.

It is in particular the forced suspension of withdrawals of his program “Earn” who is in the sights of regulators. The latter, offered in collaboration with the service of lending Genesishas drawn the wrath of the US financial policeman that is the Securities and Exchange Commission.

It is in this situation of fragility that the media CoinDesk reportsof a anonymous sourcethat the bank JP Morgan would have “ended his banking relationship” with Gemini (the crypto-exchange being its client since the beginning of 2020).

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The Winklevoss brothers’ crypto exchange formally denies

Although based on an anonymous source, and without any details of why or how, the rumor spreads immediately like wildfire in the news of our booming crypto income market expectant anguish.

To the point that Gemini is forced to quickly do a denial on his official Twitter account (below). Unfortunately, the rebuttal is pithywhere we would have appreciated a minimum of details:

“Despite reports to the contrary, Gemini’s banking relationship with JPMorgan remains intact. »

And it is even more unfortunate that we have not yet had, at the time of this writing, a denial from JP Morgan. In the meantime, therefore, the doubt (the “D” in FUD) settled down, and generates its companions: fear and uncertainty. The only thing that remains certain for the moment is that the Genesis bankruptcy put Gemini in a bad spot.

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