- Gemini and JPMorgan’s relationship is still intact.
- Crypto Market is under the weight of regulatory scrutiny.
Leading crypto exchange Gemini stated on its official Twitter account that “Gemini’s banking relationship remains intact with JPMorgan.” This statement comes after the rumors claimed earlier on Wednesday which cited an unnamed source, the American multinational financial service company JPMorgan is ending its banking relationship with the cryptocurrency exchange.
Despite reporting to the contrary, Gemini's banking relationship remains intact with JPMorgan.
— Gemini (@Gemini) March 8, 2023
The crypto sector is now under sharp monitoring by more regulatory scrutiny. And has a harder time gaining access to financial services after being flooded with many scandals and crashes last year.
Still Gemini Suspends Earn Program
The speculation appeared amid uncertainty regarding the future of the banking system’s relationship with the cryptocurrency market in the US. As banks continue to cut back on their exposure to cryptocurrency assets due to regulatory pressure and market outflows following the sudden and unexpected collapse of the crypto exchange FTX.
In January, the Securities and Exchange Commission (SEC) charged Genesis and Gemini. With selling unregistered securities to investors through the Earn program. Further, withdrawals from Gemini’s Earn program, designed to let users earn interest by lending their cryptocurrency to institutional investors, were suspended in November. And have yet to be resumed after the bankruptcy of the exchange’s lending partner, Genesis Global Capital.
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