After Slamming BTC As A Money Laundering Tool JPMorgan Busted For Money Launder

[Hydrogen]

Score one for the poetic irony pages.

Two months after JPMorgan CEO Jamie Dimon lashed out at bitcoin, calling it a "fraud" which is "worse than tulip bulbs, warning it won't end well", will "blow up" and "someone is going to get killed" and threatened that "any trader trading bitcoin" will be "fired for being stupid" as it was merely a tool for money-laundering, today Swiss daily Handelszeitung reported that the Swiss subsidiary of JPMorgan was sanctioned by the Swiss regulator, FINMA, over money laundering and "seriously violating supervision laws."

As the newspaper adds, the Swiss sanctions relate to breaches of due diligence in connection with money laundering standards. In other words, JPMorgan was actively aiding and abeting criminal money laundering.

The report further notes, the Finma decision was issued on June 30 and should have been published the following week but JPMorganm tried to prevent the publication of the judgment. More recently, the Federal Administrative Court dismissed the appeal.

In response to money-laundering violation, JPM said that in support of safety and soundness of global monetary system, “we have made and continue to make significant enhancements to the firm’s AML program to ensure we are meeting regulatory expectations,” according to an emailed statement sent to Bloomberg.

Unfortunately, JPMorgan also said that it can’t, or rather won't, provide further details since the Finma resolution from June 2017 isn’t public.

This means that anyone wondering if Jamie Dimon's bank was using (and thus trading) bitcoin to circumvent Swiss anti-money laundering regulations, will just have to ask Jamie Dimon in person during his next public appearance. 

http://www.zerohedge.com/news/2017-11-16/after-slamming-bitcoin-money-laundering-tool-jpmorgan-busted-money-laundering

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This is interesting. I think everyone has a tendency to believe regulation prevents banks and other institutions from preventing drug cartels, terrorists and shady russians with monetary support in moving money across borders and laundering ill gotten gains. In reality, banks and governments laundering money for terrorists, drug cartels and other illicits could be a standard procedure with those found guilty in the past receiving "slap on the wrist" verdicts.

In terms of evidence, there could be far more evidence for banks being guilty of laundering money for terrorists than there is for crypto or bitcoin ever being utilized to fulfill that role.

[Dutchyyy]

Funny situation.
JP did it just to lower the price and buy coins.

But now they will suffer and they deserves it.

Regulation are just to fill somebody's pockets and nothing more.
Does Bitcoin invented drug cartels and so on? No. If you have criminal mind you will always find a way to do whatever you are planning to do.

[Youghoor]

All those bitcoin "players" like this one who has been obviously trying to dump the price in order to get it at a cheaper price, they are just playing on the price, because they have enough power to do so, and a lot of influence over the whole markets because of that, they are just JPMorgan, Jamie dimon is just the grand "Jamie Dimon" not  a normal person who is able to say that bitcoin will drop to $6k and it suddenly happens.
All those conspiracies and tricks from those people are blowing my mind.
Why they dont buy and let the price rest for some time?

[Guzztsar]

One of the most evil person in world saying that bitcoin is bad, so, i presume it's good
joke apart, i agree with @Youghoor, those conspiracies are real and is worrisome to think about how much control these people have on the market, and not only in the crypto ones.

[davis196]

The ugly truth is that bitcoin is a money laundering tool,as well as all the altcoins,but the main money laundering system is the banking system and all the offshore companies around the world.
The "dirty" money from drugs,gambling,whoring will continue to be a major part of the world`s financial system.The greedy bankers want a part of them, so they will continue to support the  mafia.
I`m glad that the cryptocurrency community is still far away from this.

[debuni]

The ugly truth is that bitcoin is a money laundering tool,as well as all the altcoins,but the main money laundering system is the banking system and all the offshore companies around the world.
The "dirty" money from drugs,gambling,whoring will continue to be a major part of the world`s financial system.The greedy bankers want a part of them, so they will continue to support the  mafia.
I`m glad that the cryptocurrency community is still far away from this.

Nope, because Bitcoin is just technology with value. People are those who decide how to use it. You could do money laundering with bananas if you want and this is not making the bananas money laundering tool.

[pugman]

Didn't Jaime Dimon go to school? Didn't his teachers teach him the saying, " PRACTICE WHAT YOU PREACH? "
I think JPM have figured out the fact that what goes around, comes around. Also, if he didn't know, karma does the right thing to people, as in his case, it was a bitch. And please oh please, do your own homework ,Jaime, before you talk shit about anything.

[jjacob]

Ha ha. This should make people realize that banks are just institutions. You may be the head of the largest bank in the world, but you can still speak nonsense. Another point is when you are guilty of money laundering, it is tough to make regulators listen to you.

[buwaytress]

Oh, Dimon always knew what he was doing, we all know this. He did his best to short Bitcoin before coming out with that statement(s), achieved the desired effect, cleared all the positions and re-entered Bitcoin long. Just as Bitcoin recovered this week, it did then, and Dimon scored an easy 40-50% profits from the effect of that call alone. Genius? I guess so.

Did he mean what he said? Absolutely not. The banks know who they are, and they know Bitcoin can't be used efficiently to launder money. Did you know banks and consultancy firms have an actual budget line to pay for fines and penalties when things like this happen? It's far more cost-saving to pay millions in penalties than to actually pay billions in tax and legitimate fees. It's business as usual for JP Morgan, yawn yawn.

[Da2ja3]

From what ive read, he condemn bitcoin as a tool for fraud, then he's been charged for things he's condemning people for? what an irony, A crime is a crime, it might not be a pronounced crime. Id just advise bitcoin hodlers not to follow every wave of news.

[greensheep]

The pot calling the kettle black; hilarious

[nidacoinlove]

So finally the JP Morgan's drama is exposed here this devil is unveiled.
Now he should be sentenced for his crimes. Such like people exploits their position for committing crimes like money laundering and then held bitcoin responsible for it.
It's good that the French regulators identified him and showed his real face to the world. We all the users of bitcoin should appreciate it.

[Teraboy]

The ugly truth is that bitcoin is a money laundering tool,as well as all the altcoins,but the main money laundering system is the banking system and all the offshore companies around the world.
The "dirty" money from drugs,gambling,whoring will continue to be a major part of the world`s financial system.The greedy bankers want a part of them, so they will continue to support the  mafia.
I`m glad that the cryptocurrency community is still far away from this.

Nope, because Bitcoin is just technology with value. People are those who decide how to use it. You could do money laundering with bananas if you want and this is not making the bananas money laundering tool.

Or value with technology. bitcoin is considered as investment tool. But what a shame for jamie dimon. He must try to go to the fuck out from the jp morgan. I don't know how the jpmorgan still need jamie.
This is the big news to the crypto as the jamie gets familiar as bitcoin trollers.

[BillCoin]

Well, it's very ironic, if JPMorgan knew about bitcoin and how good it for money laundering, why didn't they use it?

That's the reason they got caught, and if they got caught, they probably are not so good at money laundering, so why would we believe them that bitcoin is being used to launder money.


It's pretty common now days, a big bank( which is a competitor to bitcoin), or a  big organization, publish a letter that says "bitcoin is a fraud" just to temporarily lower the price so they can later invest it with a low entry price.
 

[ladydark]

Oh shit.Dimon has now no moral rights to accuse bitcoin.I think that dimon would not open his mouth here after about bitcoin.We have given more importance beyond the limits to the words of dimon.At last,he is the black sheep.I think that he had found only the money laundering aspect in bitcoin.I think that dimon himself would not have expected that he would be exposed this much soon.Poor guy dimon.

[miyaka26]

So the Money laundering threats and warnings are from Jamie Dimon FUD's that is originated well no wonder why this FUD did not bother the users of bitcoin and did not create more panic to people, he always brags about that "fraud, bubble, money laundering and other schemes" which is really annoying but at the same time an obvious move to take down btc and make the price cheaper now the btc response is a skyrocket price that is why they get from their dramas.

[Opquar]

Why am I not surprised. Dimon is a clown, and is a fraud. This just further cements those facts.
They will pay the problem to go away, of course, but at least Dimon can not act all high and mighty anymore.

[merchantofzeny]

Now isn't it ironic, don't you think? A little too ironic.

Only a fool would believe these institutions would not launder money if they can. Just look at Western Union. Despite whatever regulation you may slap on, they will find a way to circumvent that. It seems the problem really is the corporate culture in these companies. That's why we really need a decentralized currency, don't let them touch our money.

Well, it's very ironic, if JPMorgan knew about bitcoin and how good it for money laundering, why didn't they use it?

That's the reason they got caught, and if they got caught, they probably are not so good at money laundering, so why would we believe them that bitcoin is being used to launder money.


It's pretty common now days, a big bank( which is a competitor to bitcoin), or a  big organization, publish a letter that says "bitcoin is a fraud" just to temporarily lower the price so they can later invest it with a low entry price.
 

Where did I hear that "the only criminals are those that got caught".

[streazight]

Funny situation.
JP did it just to lower the price and buy coins.

But now they will suffer and they deserves it.

Regulation are just to fill somebody's pockets and nothing more.
Does Bitcoin invented drug cartels and so on? No. If you have criminal mind you will always find a way to do whatever you are planning to do.

Obviously! He was looking for the best time to buy in and he did. Unfortunate thing for those who fell for his tricks. He only played on the intelligence of the weaker hands and I really hope they are all here to know that this is a man you should never take his word for anything as they are trash.

These people have always been manipulating the system all along with their dirty deals and they come out to spew rubbish like they are saints. Crappy nonentities!

[beerlover]

One of the most evil person in world saying that bitcoin is bad, so, i presume it's good
joke apart, i agree with @Youghoor, those conspiracies are real and is worrisome to think about how much control these people have on the market, and not only in the crypto ones.

LOL. Evil person indeed! Really, I would not say they have control on the market and in as much as Jamie's bullshit talk happened during the China's issue was more of a prank to use that incidence to try to drag the market down a little bit more. They have always been used to this but unfortunately it is not something that can keep happening.

It is normal to have weaker hands for a start but as time goes on, same weak hands will get stronger as we keep seeing now and we will be past the issue of some asshole trying to use his speech to manipulate the market. Good for those who believed in him, at least they should see how much he has stolen from them by now.