JPMorgan’s Dimon accused of market abuse over bitcoin

Jamie Dimon

JPMorgan chief executive Jamie Dimon is facing accusations of market abuse after he called Bitcoin a fraud.

The managing partner of bitcoin market maker Blockswater says JPMorgan was one of the most active buyers of an exchange-traded note Bitcoin XBT several days after Dimon’s comments, Quartz reports.

Bitcoin fell 24 per cent between Dimon’s comments and the day of the JPMorgan trades.

Blockswater managing partner Florian Schweitzer has laid a complaint with the regulator in Sweden, where the tracker is listed. The regulator does not comment on market abuse investigations.

JPMorgan has previously said it conducted the trades on behalf of clients.

Blockswater trades around $25m a month in bitcoin.