Coinbase reveals that the US Commodity Futures Trading Commission (CFTC) has issued a subpoena to provide information about its users’ accounts and transaction activities.
2. This subpoena appears to involve Coinbase users who have interacted with Bybit, indicating a possible link to the competing platform and its CEO, Ben Zhou.
3. This subpoena is part of ongoing regulatory actions against cryptocurrency-related companies in the United States, especially after a major legal victory against Binance and its founder CZ.
In a recent development, Coinbase revealed that the US CFTC has issued a subpoena to provide information about its users’ accounts and transaction activities. This event, disclosed through an email sent to Coinbase users, raises questions about the purpose of this investigation by the financial regulator.
Potential Link with Bybit
The subpoena has sparked speculation about a potential link to Bybit, another cryptocurrency platform, and its CEO, Ben Zhou. Industry observers suggest that this CFTC request could involve Coinbase users who have had interactions with Bybit in the past. Alice Comfy, CIO of Shinoji Research, commented that this could be a method for the CFTC to determine if Bybit had any users in the United States.
This subpoena comes in the context of increased regulation of cryptocurrencies in the United States. Recently, the CFTC, the Department of Justice (DOJ), and the US Treasury achieved a significant legal victory against Binance, resulting in a settlement of over $4 billion with US authorities.
