Coinbase Warns Customers of CFTC Subpoena Regarding Bybit Probe
Subpoena from CFTC
Coinbase (NASDAQ:) has issued a warning to its customers, revealing that it has been served with a subpoena from the United States Commodity Futures Trading Commission (CFTC). This development has been reported by X (formerly Twitter) users who have shared copies of the message. The CFTC’s interest lies in obtaining information about the Bybit cryptocurrency exchange.
Implications for Coinbase Users
Speculations have arisen that the warning message has been sent to any Coinbase customer who has also used the Bybit platform. The message states that unless the subpoena is overturned by a court by November 30, Coinbase may be required to provide the CFTC with information regarding users’ accounts and transaction activities, as per the November 27 communication.
Potential Impact
This development has significant implications for users of both Coinbase and Bybit. It reflects the increasing scrutiny faced by cryptocurrency exchanges and their users from regulatory bodies. The outcome of this situation could potentially impact the broader cryptocurrency market and the regulatory environment surrounding it.
