{"id":581244,"date":"2023-03-08T19:59:36","date_gmt":"2023-03-08T19:59:36","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=581244"},"modified":"2023-03-08T20:03:29","modified_gmt":"2023-03-08T20:03:29","slug":"gemini-dropped-by-bank-jp-morgan","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/gemini-dropped-by-bank-jp-morgan\/","title":{"rendered":"Gemini Crypto Exchange Dropped By Heavyweight Bank JP Morgan"},"content":{"rendered":"\n<p>Summary: <\/p>\n\n\n\n<ul><li>JP Morgan will no longer offer banking services to crypto exchange Gemini, CoinDesk reported citing sources familiar with the matter.<\/li><li>The bank&#8217;s decision to cut ties with a crypto business is the latest in the so-called exodus of partnerships between crypto companies and their banking partners. <\/li><li>Coinbase, another JP Morgan crypto customer, switched from Silvergate Bank to Signature Bank for USD deposits and withdrawals on Coinbase Prime.<\/li><\/ul>\n\n\n\n<p>Banking juggernaut JP Morgan will no longer offer banking services to crypto exchange Gemini, CoinDesk reported on Wednesday citing sources familiar with the matter. The digital asset trading venue founded by Cameron and Tyler Winklevoss was one of two crypto businesses onboarded as customers in May 2020.  <\/p>\n\n\n\n<p>The bank&#8217;s decision to cut ties with a crypto business is the latest in the so-called exodus of partnerships between crypto companies and their banking partners. Coinbase, another JP Morgan crypto customer onboarded in 2020, <a href=\"https:\/\/en.ethereumworldnews.com\/coinbase-signature-silvergates-premarket\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/coinbase-signature-silvergates-premarket\/\" rel=\"noreferrer noopener\">switched from Silvergate Bank to Signature Bank<\/a> for USD deposits and withdrawals on Coinbase Prime.<\/p>\n\n\n\n<p>FTX&#8217;s LedgerX ended its relationship with Silvergate Bank and signed up with Signature bank, as previously reported. <\/p>\n\n\n\n<p>It&#8217;s unclear whether JP Morgan&#8217;s actions are linked to concerns from the Silvergate saga. Silvergate <a href=\"https:\/\/www.forbes.com\/sites\/emilymason\/2023\/03\/06\/silvergate-bank-extends-downward-spiral-after-us-criticism-spurs-losses\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.forbes.com\/sites\/emilymason\/2023\/03\/06\/silvergate-bank-extends-downward-spiral-after-us-criticism-spurs-losses\/\" rel=\"noreferrer noopener\">stumbled<\/a> into financial uncertainty after dealings with bankrupt crypto exchange FTX. The bank&#8217;s management was in talks with examiners from the Federal Deposit Insurance Corp (FDIC) on a possible plan to keep the business afloat. <\/p>\n\n\n\n<p>Online commentators have speculated that Silvergate&#8217;s financial station could buoy rhetoric from U.S. lawmakers lobbying against allowing the banking system to interact with blockchain and cryptocurrencies. <\/p>\n\n\n\n<h2>Gemini Not Stranded<\/h2>\n\n\n\n<p>While concerns may be raised over the loss of a major U.S. banking partner in JP Morgan, Gemini has dealings with at least two other banking. State Street and the embattled Silvergate Bank are listed as partners on Gemini&#8217;s website. <\/p>\n\n\n\n<p>In other news, the crypto exchange owned by the Winklevoss twins was the top name in Genesis&#8217; list of creditors. Gemini&#8217;s claim said Genesis <a href=\"https:\/\/en.ethereumworldnews.com\/gemini-genesis-winklevoss-dcg-lawsuit\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/gemini-genesis-winklevoss-dcg-lawsuit\/\" rel=\"noreferrer noopener\">owed<\/a> over $766 million.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img width=\"1024\" height=\"471\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-10-1-1024x471.png\" alt=\"\" class=\"wp-image-581247\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-10-1-1024x471.png 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-10-1-300x138.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-10-1-770x354.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-10-1-269x124.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-10-1-746x343.png 746w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-10-1.png 1339w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img width=\"1024\" height=\"476\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-11-2-1024x476.png\" alt=\"\" class=\"wp-image-581249\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-11-2-1024x476.png 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-11-2-300x139.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-11-2-770x358.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-11-2-269x125.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-11-2-746x347.png 746w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/03\/Screenshot-11-2.png 1341w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: JP Morgan will no longer offer banking services to crypto exchange Gemini, CoinDesk reported citing sources familiar with the matter. The bank&#8217;s decision to cut ties with a crypto business is the latest in the so-called exodus of partnerships between crypto companies and their banking partners. Coinbase, another JP Morgan crypto customer, switched from Silvergate Bank to Signature Bank for USD deposits and withdrawals on Coinbase Prime. Banking juggernaut JP Morgan will no longer offer banking services to crypto [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":581252,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,947,2,26],"tags":[125,2632,7938,309,108833],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581244"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=581244"}],"version-history":[{"count":3,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581244\/revisions"}],"predecessor-version":[{"id":581254,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581244\/revisions\/581254"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/581252"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=581244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=581244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=581244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}