Bitcoin News

Top banks fined again for currency manipulation

Cryptocurrencies going directly at banks

According to reports coming from the European Commission, up to five banks have been fined for a total of over 1 billion euros for currency rigging. This also included the JP Morgan bank, a bank with a cryptocurrency on its way for mainstream and daily usage.

Big banks like Barclays, RBS,JPMorgan, Citigroup are now all facing penalties, along with charges of over 811 million in euros. Traders who are working closely with these banks have also been fined for activities undertaken with these banks, including the MUFG bank. The bank is said to have also built its cryptocurrency in order to compete in the growing cryptocurrency market.

banks fined

Other banks such as the Swiss Bank and UBS are also involved in these penalties.

According to reports, the traders were using chatrooms in order to exchange trading plans which enabled them to make decisions on the market based on currencies in their portfolios.

A competition commissioner, named Margrethe Vestager stated that:

“The banks had undermined the integrity of the sector at the expense of the European economy and consumers.”

This news is part of the endless parade that these big banks have been involved leading to fines and varies from forex manipulation, fraud and money laundering.

Banks can engage in almost any and every activity you can think of illegal or not as they are the drivers of currencies in the current fiat economy. This gives banks less incentive to alter its behaviours as fines make the road for banks an occupational hazard at best.

Banks going down hard

According to a lawyer who goes by the name Lambros Kilaniotis;

“If they haven’t already, any party involved in forex trading, such as institutional investors, pension funds and large corporates, should now be reviewing what losses they have incurred.”

Banks have been attempting to stomp on bitcoin and other cryptocurrencies for years bashing the currency and rendering it as a tool for market manipulation, fraud and money laundering which are the exact penalties it’s being charged and persecuted for in these cases.

In this coming digital era, banks can no longer serve the population. They can not keep up with innovation in this internet era and the speed of developments in technology.

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coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.