In March, Wells Fargo stopped processing wire transfers for an exchange called Bitfinex, leaving customers unable to transfer US dollars out of their accounts, except through special arrangement with the exchange’s lawyer. At a bank investor conference this month in New York, Jamie Dimon, chief executive of JPMorgan, called bitcoin “a fraud” and predicted it will “blow up”.īoycotts by banks can make it impossible at times for exchanges to process wire transfers that allow customers to buy or sell cryptocurrencies with traditional currencies such as dollars or euros. Not surprisingly, many banks are leery of cryptocurrency exchanges and some have refused to deal with them. The exchange said it compensated traders who lost money. In a court filing, it asked for the case to be dismissed and said the claims should be decided by arbitration.Īnother two flash crashes occurred this year on the US exchange GDAX. ![]() The Kraken exchange declined to comment on the lawsuit. During the incident, the suit alleges, the exchange’s price of a cryptocurrency called ether fell more than 70 per cent and the traders’ leveraged positions were liquidated. On 7 May, traders on a US exchange called Kraken lost more than $5m when it came under attack and couldn’t be accessed, according to a class-action lawsuit filed in Florida.
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