Crypto Updates

JPMorgan Chase Paying $100,000,000 Fine, Issues Rare Admission of Guilt in Settlement With US Financial Regulator

Most Dogecoin Holders Are in Profit While Majority of Shiba Inu Owners Remain Underwater: IntoTheBlock

JPMorgan Chase has issued a rare admission of guilt and agreed to pay a $100 million fine to a US market regulator.

The Commodity Futures Trading Commission (CFTC) says the trillion-dollar bank admits that it failed to monitor billions of orders from its traders and clients – a mandatory process designed to detect market misconduct.

The banking giant has 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 those payments are complete, the CFTC says it will reduce an initial $200 million settlement fee down to the $100 million in question.

“Today’s resolution includes a significant penalty, certain factual admissions, and the appointment of a consultant to ensure remediation.

We hope it sends a clear message that CFTC registrants must take appropriate steps to ensure, through testing and other means, that complete trade and order data direct from exchanges are being ingested into trade surveillance systems and that orders are being surveilled.”

The bank has not released a statement on the new fine, but has previously said it self-reported the violations and believes customers were not harmed by its actions.

To date, JPMorgan Chase has paid a total of $39.68 billion in fines to resolve enforcement actions including securities abuses, banking violations, investor protection violations and other offenses, according to the public Violation Tracker database.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Click Here to Read the Full Original Article at The Daily Hodl…