JPMorgan Cuts Ties With Gemini: Will Bitcoin, Ether Collapse As Major Bank Drops Winklevoss Twins' Exchange?

JPMorgan JPM has ended its banking relationship with Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss.

The banking giant had taken on Gemini and Coinbase COIN as customers early last year.

While Coinbase Global Inc COIN's banking relationship with JPMorgan remains intact, the cryptocurrency industry is now facing increased regulatory scrutiny and difficulty in accessing banking services, Coindesk reported Wednesday, quoting a source.

JPMorgan declined to comment on the matter, the publication said. 

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Gemini, which is regulated by the New York State Department of Financial Services, did not respond to Coindesk's requests for comment. 

The exchange has other banking partnerships in place, including with State Street, according to its website. 

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