THELOGICALINDIAN - The European Commission has fined bristles banks including the antiBitcoin JP Morgan a absolute of over 1 billion for bill accouterment Traders clubbed calm into cartels to dispense the adopted barter bazaar amid 2024 and 2024
You Can Trust The Big Banks… To Help Themselves
The “Banana Split” bunch complex traders from Barclays, RBS, Citigroup, and JP Morgan, which face penalties of €811 actor in total. Traders from Barclays and RBS traders, forth with MUFG, were additionally in the “Essex Express” cartel, and accustomed €259 actor in fines.
Swiss bank, UBS, was additionally complex but abhorred banking penalties for grassing alerting the authorities to the cartel’s existence.
The traders acclimated online chatrooms to barter trading affairs and according strategies. This enabled them to “make abreast bazaar decisions on whether to advertise or buy the currencies they had in their portfolios and when.”
Competition Commissioner, Margrethe Vestager, said the banks had “undermined the candor of the area at the amount of the European abridgement and consumers.”
In January, JPMorgan stated that Bitcoin would alone be admired in a dystopian environement afterwards its CEO alleged it a ‘fraud.’
And It’s Hardly A One Off
But this is aloof the latest in a seemingly amaranthine array of fines imposed on the big banks for misconduct. From forex manipulation to money laundering, via erect fraud; if there’s money in it, a accessory affair like abomination won’t stop the banks accepting involved.
RBS has already said that its €249 actor allotment of the fines is “fully covered by absolute provisions.” Despite allocution about deepening procedures and implementing change, it assume that the banks accept little allurement to adapt their behaviour. Fines, it would seem, are aloof an anatomic hazard.
However, on this occasion, the Commission’s judgement could be an accessible allurement for impacted parties to sue the banks. According to lawyer, Lambros Kilaniotis:
The Same Big Banks Who Routinely Decry Bitcoin
Yes, the akin of affectation the big banks affectation is in some means absolutely impressive. Whilst consistently bashing bitcoin as a apparatus for bazaar manipulation, fraud, and money-laundering, they accumulate accepting bent accomplishing absolutely what they allege Bitcoin of enabling.
Should we ask the column appointment what they anticipate about email? Or the auto disciplinarian about Uber? No? Then conceivably it’s time to stop allurement bankers what they anticipate about bitcoin and aloof let them pay their slap-on-the-wrist fines.
Would bitcoin advice barrier artifice perpetuated by big banks? Share your thoughts below!
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