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Home BREAKING NEWS

Coinbase Reveals CFTC Subpoena Tied to Crypto Exchange Bybit

BlockNews.com Team by BlockNews.com Team
November 28, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 3 mins read
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  • Coinbase received a subpoena from the CFTC regarding crypto exchange Bybit, requesting information on certain customer accounts by November 30th.
  • This subpoena is the latest example of regulators like the CFTC ramping up oversight of the crypto industry through actions like compelling information via subpoenas.
  • The subpoena shows enforcement actions will likely persist as the crypto industry matures, even if it means companies like Coinbase sharing data on their own users.

Coinbase has received a subpoena from the Commodity Futures Trading Commission (CFTC) regarding crypto exchange Bybit, according to emails sent by Coinbase to some of its users. The subpoena requests information on certain customer accounts.

🚨 NEWS: Coinbase alerts users of subpoena from 🇺🇸 regulator regarding Bybit exchange.

Is Coinbase the fed's next target?

— BlockNews.com (@blocknewsdotcom) November 28, 2023

Details of the Subpoena

According to the emails received by Coinbase customers, the subpoena requests information to be sent to the CFTC by November 30th unless a motion is filed to quash it. The emails state that no action is required by the recipients, but that Coinbase may provide information about their accounts in response.

Regulator Scrutiny

This subpoena is the latest example of regulators like the CFTC ramping up oversight of the crypto industry. The CFTC has powers to compel information through subpoenas as part of its investigations. Laws also require Coinbase to collect certain information in response to legal requests.

Other crypto companies have also received subpoenas lately. The SEC sent one to PayPal regarding its USD stablecoin. Coinbase and Binance were both sued by the SEC earlier this year for allegedly operating illegally as exchanges.

Conclusion

The subpoena Coinbase received related to Bybit shows regulators are continuing to investigate potential wrongdoing or risks in the crypto space. As the industry matures, enforcement actions like these subpoenas are likely to persist. Companies like Coinbase are obliged to comply, even if it means sharing data on their own users.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BlockchainBusinesscryptoCrypto ExchangeWeb3
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BlockNews.com Team

BlockNews.com Team

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