After calling Bitcoin a “fraud” last week, JP Morgan CEO Jamie Dimon faces charges of market manipulation for “spreading false and misleading information”.
A European algorithmic liquidity provider, Blockswater filed a market abuse claim against both JP Morgan and Jamie Dimon with the Swedish Financial Supervisory Authority. Blockswater claims that Dimon violated Article 12 of the European Union’s Market Abuse Regulation (MAR) because he called Bitcoin a “fraud” then bought the dip.
JP Morgan bought and sold Bitcoin ETFs on European exchanges before and after Dimon made these comments. Blockswater claims that Dimon “knew, or ought to have known, that the information he disseminated was false and misleading”.
Florian Schweitzer, a managing partner at Blockswater, even stated: “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.”