Famous crypto analyst and news editor Anthony ‘Pomp’ Pompliano tweeted on Monday that multiple banks have been fined for approximately $1.2 billion. The tweet comes after reports surfaced stating that four giant banks, RBS, Barclays, Citigroup, and JPMorgan, have been fined by the European Commission for forex rigging.
Multiple banks have been fined $1.2 billion for forex rigging, including Barclays, Citigroup and JP Morgan.
Long Bitcoin, Short the Bankers!
— Pomp ? (@APompliano) May 16, 2019
Pomp is one of the main promoters of cryptocurrencies over traditional banking. He was the initiator of the “Long Bitcoin, Shorter the Bankers” social media movement, which claims that Bitcoin is the best alternative to the evil of a fraudulent banking system.
The Commission, the legislative arm of the European Union, imposed a fine of €1.07 billion alleging that the banks “undermined the integrity of the sector at the expense of the European economy and consumers.”
Banking frauds have been stinging the global economy for decades, and the ultimate price is paid by the end users, who either invested their savings in bank products or kept trusting the banks for their savings. The chronic global economic crisis was also triggered by a series of banking frauds, in which JPMorgan also played a dirty hand.
A similar investigation is also underway in the United States, where banking institutions like Barclays, BNP Paribas, Citigroup, JPMorgan, Royal Bank of Scotland and UBS have filed guilty pleas is another forex rig. The US regulators have imposed a total fine of $2.8 billion on them, and much more is to be unearthed post investigation.
Cryptocurrencies have always thought to be the answer to all traditional banking evil, which has plagued the financial health of several countries. Electronic money, based on blockchain tech, have various features like decentralization, immutability, transparency, and privacy, which all are shortcomings of the traditional monetary systems. All of this makes digital assets like Bitcoin, Ethereum, and other altcoins more stable and secure alternatives to traditional banking.