Ex-JP Morgan VP Turned Blockchain Director Slams Price Manipulation in Crypto
As a new entry into the cryptocurrency field, Relex is not immune to the proliferation of scams and unsavory business tactics that are currently plaguing the space. That said, it is Relex’s goal to stay above the fray and represent what blockchain truly offers — innovative answers to problems that have hindered progress in traditional spaces, particularly real estate development.
According to a recent report, 83% of ICOs traded at lower than their initial prices. This is one of the reasons that Relex chose to not have an ICO, we aim to always put our clients and investors first. In a space that can do better, Relex wants to set the bar for company protocol and behavior. Relex aims to demonstrate its value as a company through its work and accomplishments.
Recently, Relex was approached by new exchanges offering additional trading volume and price increases by unscrupulous means. U.S. Director of Operations Peter Lee, formerly VP at JP Morgan, fervently opposed these offers, and he was adamant about Relex’s role as a trendsetter for legal and ethical compliance in the cryptocurrency domain. Fraud in any form, he said, is antithetical to what we stand for as a company, and we have chosen growth that may be slower than others in the space but is driven by the reality of our progress as a business.
Please see the release below from the Relex U.S. Director of Operations formally addressing this issue.
FOR IMMEDIATE RELEASE
May 24, 2018 10:39 AM US EST
From: Peter Lee, Director
To the Relex community, we have as recent been approached by price manipulation exchanges. We refused massive income opportunities as the offer met my definition of fraud, so I solely chose to forgo this revenue. We are in favor of listing on exchanges that do not engage in price manipulation practices that we have witnessed. We intend to grow organically, and refuse to engage in price manipulation practices to gain market share. My hatred for fraud, legal or not, will continue to drive the business in an honest and transparent way. I welcome the shake down of the industry. We will not only cooperate, but give full support to the US government in their investigation of cryptocurrency-related price manipulation practices, effective immediately.
Director of US Operations, Relex
May 24, 2018
Peter Lee will address questions for a town hall styled meeting via Telegram this Sunday, May 27, at 6:00 p.m. EST.
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