Coinbase Email to Customers Spark Fears CFTC is Investigating Bybit
The post Coinbase Email to Customers Spark Fears CFTC is Investigating Bybit appeared on BitcoinEthereumNews.com.
Coinbase has sent an email to select users saying it has received a subpoena from the U.S. CFTC concerning Bybit, a rival exchange. Popular U.S. cryptocurrency exchange Coinbase reportedly sent an email to a select group of customers earlier this week. The email contained a notice that the exchange received a subpoena from the U.S. Commodity Futures Trading Commission (CFTC). According to the email, which was widely shared on social media by Coinbase users and confirmed by a Coinbase spokesperson, the subpoena Coinbase received is linked to Dubai-based crypto exchange Bybit. A subpoena is an official order usually sent by a regulatory body to a company to seek certain pertinent information or notify it of an ongoing investigation into its operations. The former is the case for Coinbase, as the CFTC seeks documentation related to Bybit. – Advertisement – Specifically, Coinbase revealed that the CFTC wishes to collect relevant user account information and details about their transaction history. Coinbase noted that no action is required from users and that the exchange may reply to the subpoena with “a motion to quash or other objection.” If Coinbase takes that direction and wins, it will not need to hand over the required user information. However, the exchange suggested it would be compelled to send the information to the CFTC if the already filed subpoena is served before November 30. Is the CFTC Investigating Bybit? The Coinbase email has fueled rumors that the U.S. CFTC is investigating Bybit. According to CoinMarketCap data, Bybit is the fourth largest crypto exchange by trading volume, trailing only Binance, Coinbase, and Kraken. However, it is public knowledge that the exchange only introduced a mandatory KYC regime for users in May 2023, despite being in operation since 2018. The development has led to speculations that Bybit is under…
Filed under: News - @ November 29, 2023 12:10 pm