According to a Wednesday report by CoinDesk, citing a source with knowledge of the matter, JP Morgan Chase is reportedly ending its banking relationship with the Gemini Crypto exchange.
Following some major events that shake up the entire crypto world in 2022, crypto firms have been under serious scrutiny by the US Securities regulators.
Like many other crypto firms, Gemini exchange also ran into trouble, halting withdrawals on its earn program since November, a move preceded by the collapse of Gemini lending partner Genesis.
Earlier this year, the US SEC accused both Gemini and Genesis of offering unregistered securities through their earn program.
This move by JP Morgan appears like the bank is looking to dodge the current regulatory scrutiny of crypto firms by the US SEC.
JP Morgan’s relationship with the Gemini crypto exchange started back in 2020, and it started its partnership with Coinbase around the same period, however, Coinbase relationship with JP Morgan is still intact, a Coinbase spokesperson confirmed to CoinDesk.
Thus far, neither Gemini nor JP Morgan has commented on the matter.
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