According to media reports, JPMorgan Chase CEO Jamie Dimon has been accused of violating the European Union’s Market Abuse Regulation (MAR). London-based Blockswater managing partner Florian Schweitzer reportedly filed a formal complaint with the Swedish Financial Supervisory Authority, alleging that Dimon’s recent remarks about Bitcoin were false and misleading, and in violation of Article 12 of the MAR.
Dimon has been a consistent critic of Bitcoin and other digital currencies in recent years, and has publicly and repeatedly asserted that the world’s governments will eventually move to ban them. Earlier this month, he escalated his rhetoric when he called Bitcoin “a fraud.” That attack on the world’s most well-known cryptocurrency is believed to have contributed to a sharp decline in the currency’s price.
Blockswater also alleges that Dimon’s company was actively trading Bitcoin derivatives for its clients prior to and after Dimon’s comments. A company spokesman told Reuters that JPMorgan was merely routing the orders to exchanges:
“They are not JPMorgan orders. These are clients purchasing third-party products directly.”
Schweitzer has offered a different interpretation, and has suggested that JPMorgan’s trading activity in the wake of Dimon’s comments “smells like market manipulation.” Swedish regulators and JPMorgan Chase have reportedly declined to comment on the matter.