- Coinbase received a subpoena from the CFTC seeking information about users who had interactions with Bybit.
- The CFTC has launched an investigation on Bybit in an attempt to prove its connection with U.S. customers.
- If the court doesn’t reverse the subpoena, Coinbase will submit information about certain accounts.
The Commodity Futures Trading Commission (CFTC) has recently launched an investigation against the crypto exchange Bybit. The matter came to light following a subpoena the regulators sent to Coinbase seeking information about Bybit users and transaction details.
Coinbase customers who have had interactions with Bybit received an email from Coinbase, as notified by a user on X. According to the email, Coinbase informed its users that the platform may submit information about certain customers’ accounts and their transaction details unless the court reverses the subpoena before November 30.
Earlier this year, Bybit declared that the platform does not provide services or products to users in the United States. While the CFTC speculates that Bybit serves American customers, the agency intends to scrutinize its involvement with them.
CFTC holds the authority to conduct investigations through various procedures. In this case, the agency seeks Coinbase’s support, believing the customer details could help them prove Bybit’s connection with U.S. clients. Coinbase’s Global Privacy Policy is indicative of its adherence and obligation to crypto laws and regulations, as it states,
We may access, read, preserve, and disclose information when we believe it is reasonably necessary to comply with law, legal obligations, regulations, law enforcement, governmental, and other legal requests, court orders, or for disclosure to tax authorities.
Following the subpoena received by Coinbase, Bybit announced via an official post that the platform has surpassed 20 million registered users. Bybit CEO Ben Zhou added, “Reaching 20 million registered users is not just a number for us; it represents the faith and enthusiasm of a community that believes in the potential of crypto and trusts Bybit as their preferred platform.”
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
