JP Morgan to trade Bitcoin futures

JP Morgan traders will be able to begin trading Bitcoin futures by December 2017
26 November 2017   1002

Despite the statement of Jamie Dimon, CEO of JPMorgan Ltd., who faced a lot of controversy after saying that Bitcoin is a fraud, stating that it is necessary to fire anyone “stupid enough to trade bitcoin”, it came to light that JP Morgan will let its traders begin trading bitcoin futures.

J.P. Morgan, an American multinational banking services holding company headquatered in New York City, is considering the option of providing the clients with access to a new Bitcoin product of CME through its futures-brokerage unit. As it is known JPMorgan Securities Ltd. has already been trading Bitcoin through custodian accounts in Sweden since September, when the corporation made buying and selling Bitcoin operations using Sweden’s Nordic Nasdaq stock market. 

It seems like JPMorgan decided to respond to the customers' growing demand for Bitcoin and plans to launch Bitcoin futures trading on December 11.

Previously, it was reported that JP Morgan faced allegations from Swiss Financial Market Authority for breaking rules of money laundering.

In the end of October 2017, the world’s largest derivatives exchange, CME Group, unveiled its plans to launch Bitcoin futures during the fourth quarter of 2017, along with Man Group, the world’s largest publicly traded hedge fund, that was making plans to launch Bitcoin futures trading, and BitMEX, which announced Bitcoin Cash futures trading.

BTC Seller Arrested by US Federal Authorities

Morgan Rockcoons is accused of laundering monetary instruments and the operation of an unlicensed money transmitting business
21 February 2018   52

A US resident was arrested by the Bureau for the Control and Enforcement of Immigration and Customs Law on February 9 after he sold the bitcoins to the agent under cover. This is reported by Bitcoin.com.

According to documents in the case filed by the Southern District Court of California, Morgan Rockcoons (also Morgan Rockwell) is accused of laundering money and servicing cash transfer operations without a license. The government intends to confiscate all assets belonging to it, relevant to the case.

Arrest Document
Arrest Document

In the episode of money laundering, the defendant is accused of deliberately transferring a financial transaction to a representative of law enforcement agencies in order to obtain income from certain unlawful activities. In 2016, Rockoons traded 9,998 BTC, at that time valued at $ 9,208, for $ 14,500 in fiat, which was handed to him by an undercover agent, saying that the money was received from the production and sale of TGC oil (tetrahydrocannabinol-containing oil). TGC is the main active ingredient of cannabis.

As for the charge for servicing money transfer operations without a license, it is less specific, since it is subject to the majority of US citizens who sell large amounts of crypto currency, without the appropriate license. In one of the previous cases of this kind, law enforcement authorities stated that any transaction over $ 3,000 must be made in accordance with all requirements for customer identification.