JP Morgan’s chief, Jamie Dimon has had a complaint filed against him by a company called Blockswater. They claim Dimon violated Article 12 of the EU Market Abuse Regulation, this section of the regulation is dedicated to ‘Market Manipulation’
(c) disseminating information through the media, including the internet, or by any other means, which gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of, a financial instrument, a related spot commodity contract or an auctioned product based on emission allowances or secures, or is likely to secure, the price of one or several financial instruments, a related spot commodity contract or an auctioned product based on emission allowances at an abnormal or artificial level, including the dissemination of rumours, where the person who made the dissemination knew, or ought to have known, that the information was false or misleading;
(d) transmitting false or misleading information or providing false or misleading inputs in relation to a benchmark where the person who made the transmission or provided the input knew or ought to have known that it was false or misleading, or any other behaviour which manipulates the calculation of a benchmark.
Blockswater managing partner Florian Schweitzer in an interview with City AM quite rightly pointed out that:
Jamie Dimon’s public assertions did not only affect the reputation of bitcoin, they harmed the interests of some of his own clients and many young businesses that are working hard to create a better financial system.
From Bitcoinist.com:
The complaint states that Dimon’s statement negatively impacted “the cryptocurrency’s price and reputation”. Arguing that he “knew, or ought to have known, that the information he disseminated was false and misleading”. Blockswater goes even further in their accusations, suggesting JP Morgan traded bitcoin derivatives for their clients on Stockholm-based exchange Nasdaq Nordic before and after Dimon’s statements, which Schweitzer said “smells like market manipulation”.
JP Morgan is also heavily invested in Bitcoin’s blockchain technology, having recently advertised for blockchain manager positions. There does appear to be a degree of double standard in Dimon’s comments, particularly in regard to fraudulent accusations.
As Jamie Dimon Denounces Bitcoin The Same Company Runs Continues To Invest In Bitcoin
It was quickly note that as Jamie Dimon called Bitcoin a ‘Fraud’ and stated that anyone working under him caught trading in Cryptocurrency would be sacked in an instant JP Morgan Chase Bank were heavily investing in Bitcoin, some might say that Dimon simply made these statements publicly to crash the value, only to then buy up the market at a reduced value. After all JP Morgan and Dimon himself are not exactly renowned for the honest and morally just lives they’ve led.
From the NY Post:
JPMorgan Chase has been routing customer orders for bitcoin-related instruments, a spokesman said on Monday, despite the bank’s chief executive calling the crypto currency “a fraud.”
Like other Wall Street banks, JPMorgan acts as an agent for buyers and sellers of Bitcoin XBT, an exchange-traded note designed to track the value of the crypto currency.
Of course JP Morgan have played down this minor detail stating that JP Morgan themselves did not use their own money to purchase Bitcoin, but purchasing with clients money. Because spending other peoples money on something you claim to be a ‘fraud’ is far more justifiable!
Jamie Dimon Just A Week Later Attacks Bitcoin Once Again
Jamie is enjoying his face on the big screen it seems this month as we see him appear yet again on major News Networks continuing to discuss something he clearly knows nothing about.
“Right now these crypto things are kind of a novelty. People think they’re kind of neat. But the bigger they get, the more governments are going to close them down,” Dimon said during an interview with CNBC-TV18 in New Delhi on Friday.
Dimon was concerned that with bitcoin, ethereum and various initial coin offerings (ICOs), there are now cryptocurrencies everywhere.
“It’s creating something out of nothing that to me is worth nothing,” he said. “It will end badly.”
Has Jamie missed the memo about how Bitcoin is a Decentralised Currency, now unless he is expecting Governments to cut the Internet to make statements about how Cryptocurrencies will be ‘closed down’ is just proof of his ignorance.
Yes, Governments can affect adoption speed and ease of access to the Crypto market, however you can be sure this will only hinder the economic social change that is occurring right now, and hindrances we can overcome.
The rest of this article can be viewed on our website at theblockcrypt.com
Disclaimer: Statements contained within this post do not represent the views or policies of anyone other than the writer. The information contained within this article is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities.
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