JP Morgan’s chief executive, Jamie Dimon, might be getting into some trouble with Swedish financial authorities for market abuse when he called bitcoin a “fraud” last week.
JP Morgan Reported to Swedish Financial Supervisory Authority for Market Manipulation After Chief Executive’s Public Statements Against Bitcoin
Just recently JP Morgan Chase chief executive Jamie Dimon got the cryptocurrency community all riled up when he called bitcoin a “fraud.” Further, after Dimon’s statements and bitcoin markets slumped, JP Morgan Securities Ltd., purchased a bunch of bitcoin-based exchange-traded notes for its clients. Now according to reports, an algorithmic liquidity provider headquartered in London called, Blockswater says Dimon breached certain statutes from the European Union’s Market Abuse Regulation (MAR) articles.
Public Assertions Made by Jamie Dimon Are Considered ‘Market Abuse’ That Harmed the Interests of Investors
Blockswater believes Dimon abused the market by giving out misleading information in order to influence the price for the company’s own interests. Market manipulation is a criminal offense within EU laws after being harmonized by the Financial Services and Markets Act seventeen years ago. The UK liquidity provider believes something smells fishy between Dimon’s recent bitcoin statements and JP Morgan buying up BTC-notes for clients after the price dip.
“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,” said Blockswater executive Florian Schweitzer.
Dimon’s Statements and his Company’s Recent Purchasing of Bitcoin Exchange Traded Notes for Clients Smells Fishy
The company says it has filed a ‘market abuse’ report with the Swedish Financial Supervisory Authority, after JP Morgan’s team purchased bitcoin derivative notes for clients on the Stockholm-based exchange Nasdaq Nordic. Schweitzer says the fact that JP Morgan purchased the bitcoin exchange-traded notes before and after the chief executive’s public statements, it “smells like market manipulation.”
According to the news outlet City A.M., the Blockswater startup’s daily operations deal with blockchain-based assets like bitcoin. The publication’s columnist Courtney Goldsmith reached out to JP Morgan for comment, but the company declined to provide a statement.
What do you think about Jamie Dimon and JP Morgan being reported to the Swedish financial authorities for market manipulation? Let us know what you think in the comments below.
Images via Shutterstock and AP Photo/Richard Drew
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