EU Fine Banks For Currency Fixing, RBS Responds Fines Covered By Provisions

Mandatory Credit: Photo by Isopix/REX/Shutterstock (8858760q) EU flags EU flags outside the European Commission, Brussels, Belgium - 06 Jun 2017

That decision levied a fine to the tune of 257.7 million Euros on RBS, MUFG Bank and Barclays.

The fines that have been meted out today are for illegal chat room activity which happened in two chatrooms between 2007 and 2013 and allowed the traders to coordinate their trades on forex spot trading.

Despite only participating in the one cartel, CitiGroup was hit with the largest fine, which is currently 311 million Euros, while Japan’s MUFG Bank was only fined 70 million Euros.

Ali’s work has been published on a number of international cryptocurrency publications including InsideBitcoins.com.