Jamie Dimon Faces Market Abuse Claim Over “False, Misleading” Bitcoin Comments

A week after Jamie Dimon made headlines by proclaiming Bitcoin a “fraud” and anyone who owns it as “stupid,” the JPMorgan CEO faces a market abuse claim for “spreading false and misleading information” about bitcoin.

Unless you have been living under a rock for the past week, you will be well aware of JPMorgan CEO Jamie Dimon’s panicked outburst with regard the ‘fraud’ that Bitcoin’s ‘tulip-like’ bubble is. To paraphrase:

“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.”

One week later, an algorithmic liquidity provider called Blockswater has filed a market abuse report against Jamie Dimon for “spreading false and misleading information” about bitcoin.

The firm filed the report with the Swedish Financial Supervisory Authority against JPMorgan Chase and Dimon, the company’s chief executive. Blockswater said Dimon violated Article 12 of the European Union’s Market Abuse Regulation (MAR) by declaring that cryptocurrency bitcoin was “a fraud”.

The complaint said Dimon’s statement negatively impacted “the cryptocurrency’s price and reputation”.It also said Dimon “knew, or ought to have known, that the information he disseminated was false and misleading”.

 “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 traded bitcoin derivatives for their clients on Stockholm-based exchange Nasdaq Nordic before and after Dimon’s statements (as we detailed here), which Schweitzer said “smells like market manipulation”.

Blockswater works with blockchain-based assets based in London and Austria. Its full complaint is below:

Blockswater Files Market Abuse Report Against Jamie Dimon in Stockholm
Blockswater LLP believes that Dimon violated EU’s Market Abuse Regulation by “spreading false and misleading information” about bitcoin

 STOCKHOLM/NEW YORK/LONDON/VIENNA, September 21, 2017 – Algorithmic liquidity provider Blockswater LLP filed a market abuse report with the Swedish Financial Supervisory Authority (FI) against JPMorgan Chase and Co. CEO Jamie Dimon. Blockswater believes that Dimon violated Article 12 of the European Union’s Market Abuse Regulation (MAR) by declaring that cryptocurrency bitcoin was “a fraud.”

 The complaint filed with the Swedish authorities demonstrates how Dimon’s statement negatively impacted “the cryptocurrency’s price and reputation.” The document also lists evidence that suggests Dimon “knew, or ought to have known, that the information he disseminated was false and misleading.”

 “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,” says Florian Schweitzer, managing partner at Blockswater. JPMorgan traded bitcoin derivatives for their clients on Stockholm-based exchange Nasdaq Nordic before and after Dimon’s statements fueled volatility in the market. “That’s a clear case of double standards and it smells like market manipulation.”

 Article 12 of the European Union’s Market Abuse Regulation prohibits the manipulation of markets through practices such as spreading false or misleading information. Nasdaq Nordic, where exchange-traded notes on bitcoin are listed, defines the term “market manipulation” in accordance with the EU’s definition as “dissemination of information through the media, including the Internet, or by any other means that gives, or is likely to give, false or misleading signals as to Listed Products, including the dissemination of rumours and false or misleading news, where the person who made the dissemination knew, or ought to have known, that the information was false or misleading.”

 FI confirmed receipt of the report but did not comment further except to state that the financial markets regulator “will handle it according to [FI’s] procedures.”

 Blockswater LLP is an algorithmic liquidity provider for blockchain-based assets based in London (UK) and Vienna (Austria).

Bitcoins resurrection 

However, some experts said the bitcoin price could bounce back.
It comes after underwear entrepreneur Michelle Mone last week announced the launch of £250million luxury property development in Dubai, priced in bitcoin.
Financial company CoinIRA chief executive Trevor Gerszt said: “Recent pullback in price was in large part a reaction to the announcement that China is banning ICOs (Initial Coin Offerings). 
“To be clear, they have not made bitcoin illegal. 
“There has been $1.5 billion raised this year in the ICO market which has gone largely unregulated and many have lost money due to scams. 
“Smart investors are seeing this as a buying opportunity; this technology is here to stay and will continue to have long-term value.” 
Yoni Assia, co-founder and chief executive of eToro added: “Most large financial institutions are well on the road to accepting the enormous potential of blockchain technology, and many have invested significant sums in research, product development, and directly in cryptocurrencies.

 

“Blockchain technology and cryptocurrencies have the potential to sweep away all of today’s incumbent financial institutions.”

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BTCChina Response to News Article On “Banning Bitcoin Exchanges”

We have received a large number of questions from customers following the publication of a news article by Caixin alleging that Chinese regulators would stop bitcoin trading.

Our response is as follows:

  • BTCChina operates in strict accordance with Chinese regulations. If the Caixin report is accurate, we will continue acting in strict accordance with regulators, and continue protecting the safety of customers’ funds.
  • The Caixin report says that regulators have not said bitcoin itself is illegal, and have not decided to prohibit private, one-on-one bitcoin transactions. If the report is accurate, BTCChina will stop all BTC/CNY trading, and change its business model to become an information service provider for private, one-on-one digital asset trading.

Many people regard digital assets, of which bitcoin is the embodiment, as the necessary result of recent advances in internet technology and the largest scale practical application of blockchain technology. In additional, bitcoin’s blockchain may have a far-reaching positive impact on the economy, becoming a foundational layer upon which other revolutionary software projects are based. We believe digital assets will have a far-reaching impact on the global economy.

BTCChina thanks you for your support, and will continue working to provide the best service for all customers.

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