Schweitzer’s firm, Blockswater trades around $25 million per month. Florian Schweitzer, the managing partner of a bitcoin market trading firm, has lodged a complaint with Swedish Financial Supervisory Authority against Dimon for his comments against bitcoin, calling it a “fraud”.


In brief:

After Jamie Dimon’s comment against Bitcoin, and subsequently JPMorgan emerging as one of the most active buyers of Bitcoin XBT, the CEO has been accused of market manipulation by London based company Blockswater.

Recently, Jamie Dimon made headlines by proclaiming Bitcoin a “fraud” and subsequently it was revealed that JPMorgan & Chase Securities are actively trading an instrument linked to the price of Bitcoin. Now, the JP Morgan CEO is in trouble as he faces a market abuse claim for “spreading false and misleading information” about bitcoin by a London-based Company Blockswater.

Schweitzer’s firm, Blockswater trades around $25 million per month. Florian Schweitzer, the managing partner of a bitcoin market trading firm, has lodged a complaint with Swedish Financial Supervisory Authority against Dimon for his comments against bitcoin, calling it a “fraud”. The investment bank has been accused of market manipulation as allegedly there may be a link between Dimon’s comments and a few days later, JPMorgan emerging as one of the most active buyers of a bitcoin tracker fund called Bitcoin XBT.

It smells fishy as subsequent to Dimon’s statements, the price of Bitcoin dropped and JP Morgan Securities Ltd purchased bitcoin on the cheap. Now, as per reports, Blockswater claims Dimon has breached certain statutes from the European Union’s Market Abuse Regulation (MAR) articles. Schweitzer said market abuse in Sweden is punishable by two years in jail. Dimon is accused to have abused the market by giving out misleading information in order to influence the price of Bitcoin for the company’s own interests.

Meanwhile, JPMorgan told Reuters, it was serving as a broker for clients who wanted to buy into the bitcoin tracker fund and that the purchase orders were for clients, not for JPMorgan.

Florian Schweitzer, Blockswater executive, says,

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.


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