The Geneva-based subsidiary of JP Morgan was sanctioned in the summer by the Swiss Financial Market Supervisory Authority (Finma) for alleged money laundering.
MAKE SURE TO FOLLOW US ON TWITTER: @BLCKCHAINDAILY
Research from Swiss weekly newspaper, Handelszeitung, shows that JP Morgan, the largest investment bank in the world, “has seriously violated the supervisory law and has been sanctioned accordingly by the Financial Market Authority Finma.”
The decision of the Financial Market Authority Finma was made on June 30, 2017 and should be published in the following week.
JPMorgan filed for an appeal against the publication but the Federal Administration Court has dismissed it.
Finma along with JPMorgan were not available for comment.
JP Morgan Switzerland was represented by the Zurich law firm Lenz & Staehelin.
JP Morgan Chase CEO, Jamie Dimon, has become an infamous character in the bitcoin space after calling bitcoin a “fraud” in September causing a short term sell off of the asset and then again calling bitcoin buyers stupid after the technology hit a new all-time high.