JPMorgan Chase, one of the largest banks in the world, has made a rare admission of guilt and has agreed to pay a hefty $100 million fine to the Commodity Futures Trading Commission (CFTC), a US market regulator. The CFTC has revealed that the bank failed to properly monitor billions of orders from its traders and clients, which is a crucial process designed to identify any market misconduct. This admission comes after JPMorgan Chase had already agreed to pay $348 million to the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board (FRB) for the same violations. Once these payments are made, the CFTC will reduce the initial settlement fee of $200 million to the $100 million in question.
In response to this settlement, the CFTC stated, “Today’s resolution includes a significant penalty, factual admissions, and the appointment of a consultant to ensure that remediation is carried out. We hope that this sends a clear message to CFTC registrants that they must take the necessary steps to ensure that trade and order data, directly obtained from exchanges, are properly monitored in trade surveillance systems.” JPMorgan Chase has not released a statement regarding the new fine but has previously stated that it self-reported the violations and does not believe that its actions harmed customers.
According to the public Violation Tracker database, JPMorgan Chase has paid a total of $39.68 billion in fines to resolve enforcement actions related to securities abuses, banking violations, investor protection violations, and other offenses. It is clear that the bank has faced significant penalties for its past actions.
As always, it is important for investors to exercise caution and conduct thorough research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are carried out at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not provide investment advice or act as an investment advisor.
