Gemini Exchange Denies Rumors Of Losing Banking Partner, JPMorgan

Key Points:

• Cryptocurrency exchange Gemini denied reports that it was terminating its partnership with US bank JPMorgan.
• As previously reported by CoinDesk, JPMorgan has severed its partnership with the Winklevoss brothers’ cryptocurrency exchange.

According to the previous information updated in the Coindesk report that the US bank JPMorgan terminated its relationship with the Gemini cryptocurrency exchange. However, the cryptocurrency exchange soon denied the news and announced that the partnership remained intact.

It is known that JPMorgan has only two customers, a cryptocurrency company, including Coinbase and Gemini, supporting USD transactions for these two platforms from 2020. Coinbase representatives confirmed to CoinDesk that the relationship with JPMorgan continued as usual.

The rumors arose as multiple US financial authorities simultaneously warned banks about the risks of providing services to companies exposed to the cryptocurrency sector following a rapid collapse of Sam Bankman-Fried’s FTX empire.

At the same time, electronic-friendly banking information Silvergate Bank had to declare shutdown and liquidate assets to ensure the total return of depositors’ assets.

This information needs to be clarified for many users of Gemini during the market crisis. This exchange still needs to resolve the conflict with the Genesis lending platform, detained $850 million in user deposits after Genesis and blocked withdrawals because of involvement from FTX.

Gemini and Genesis are under investigation by the SEC over transactions between the two. The SEC alleges that the two offered unregistered securities through the Gemini Earn program.

In general, the quick denial of Gemini’s rumors has partly reassured users who are bewildered and worried about the market being strictly regulated by legal authorities.

However, the cryptocurrency market remains volatile and unpredictable. It is important to note that the cryptocurrency market is still in its early stages and is subject to change rapidly. As such, users should stay informed about any updates and changes to regulations that may affect their investments.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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