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Banking is becoming more difficult in the U.S. for crypto schemes. After Silvergate announced its voluntary liquidation, CoinDesk reported this morning that U.S. banking giant JPMorgan plans to end its banking relationship with crypto exchange Gemini owned by Winklevoss Twins, Cameron and Tyler. Back in early 2020, JPMorgan took on Gemini and Coinbase as customers. Gemini immediately denied the CoinDesk report on Twitter.
After a disastrous 2022 for the crypto industry with the collapse of the Terra/Luna stablecoin system and the subsequent bankruptcies of crypto hedge fund Three Arrows Capital (3AC) and crypto lenders Voyager Digital and Celsius Network, as well as crypto exchange FTX, nerves are still frayed. Most recently, fear was fueled by the announcement of the liquidation of Silvergate Bank and rumors of a possible bank run on Binance.
Almost every major crypto scheme faces rumors of possible illiquidity and bankruptcy via Twitter and social media. Crypto investors need strong nerves at the moment.