Jamie Dimon Faces Market Abuse Claim Over ‘False, Misleading’ Bitcoin Comments

September 29, 2017 3:43 pm Published by

JP Morgan CEO Jamie Dimon has been hit with a market abuse claim for “spreading false and misleading information” about bitcoin weeks after he made headlines by proclaiming the cryptocurrency was a “fraud” and anyone who owns it was “stupid,” Zerohedge.com reported recently.

“It’s a fraud. It’s making stupid people, such as my daughter, feel like they’re geniuses. It’s going to get somebody killed. I’ll fire anyone who touches it.” – JP Morgan CEO Jamie Dimon

Blockswater, an algorithmic liquidity provider took exception to Dimon’s comments and filed the market abuse report, the report said.

The firm wasted no time and filed the report with the Swedish Financial Supervisory Authority (SFSA) against JPMorgan Chase and Dimon, the company’s chief executive. Blockswater claims Dimon violated Article 12 of the European Union’s Market Abuse Regulation (MAR) by declaring cryptocurrency bitcoin was “a fraud.”

The complaint said Dimon’s statement negatively impacted “the cryptocurrency’s price and reputation,” the Zerohedge.com report said.

Blockswater also said Dimon “knew, or ought to have known, that the information he disseminated was false and misleading,” the report said.

“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 Florian Schweitzer, managing partner at Blockswater.

Blockswater said JPMorgan had, in fact, 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.”

Blockswater works with blockchain-based assets based in London and Austria.

WN.com, Jack Durschlag

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