CFTC Hits JPMorgan With a $65 Million Fine!

The Commodity Futures Trading Commission or CFTC has fined JPMorgan Chase Bank for a whopping $65 million! The reason being that JPMorgan has tried to change the value of the U.S. dollar benchmark index. CFTC has proof that JPMorgan traders have attempted to manipulate the USD ISDAFIX or the US Dollar International Swaps and Derivatives Association Fix, which is an interest rate benchmark for a period of five years 2007-2012. The traders beefed up the index just before the daily reference point snapshot. There have been talks amongst many investors in regards to last years market trends and that the BTC price rally was manipulated. However, this just goes to show that almost every financial market deals with manipulation and is perpetrated by regulated financial institutions. CEO of JPMorgan, Jamie Dimon, is known to have spoken out against Bitcoin on numerous occasions, even calling the cryptocurrency a “fraud”. Dimon later took his words back, but by that time there was an ironic twist and the financial institution was charged for committing fraud due to charging their customers excessive fees for purchasing Bitcoin with their credit cards. Since this occurrence, the bank stopped accepting cryptocurrency purchases through credit card payments. Even though Dimon feels so strongly against the cryptocurrency, JPMorgan has been holding discussions about making digital currency products available to their community.

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