In a surprising twist of events, crypto exchange Bybit appears to be under the regulatory spotlight of the CFTC. The US government agency has sent a subpoena to Coinbase, demanding information on user accounts connected to Bybit.
CFTC Targets Bybit
Following its regulatory crackdown on Coinbase, the Commodity Futures Trading Commission (CFTC), appears to have set its sights on ByBit, a prominent crypto exchange.
Tom Crown, a crypto enthusiast on X (formerly Twitter) has shared a screenshot of an email from Coinbase regarding a recent subpoena delivered to the crypto exchange by the CFTC. The details of the email have sparked concerns and discussions in the crypto space, prompting community members to ponder the motivations behind the CFTC’s actions.
According to Coinbase, the CFTC is requesting user’s sensitive information including transaction history, and other relevant information that connects their Coinbase accounts to Bybit.
“We write to inform you that Coinbase has been served with a subpoena in the above-referenced matter seeking information related to your account and account transaction activity,” Coinbase stated in the email.
The US government agency’s actions could be interpreted as a strategic move to investigate whether Bybit provided crypto exchange services to US customers through Coinbase. Should user accounts indicate any solid connections, it could have broader implications or Bybit.
Nevertheless, Bybit announced earlier this year that it does not operate in the US and has restricted access in various other countries. Despite these restrictions, users may still be able to use the platform through the benefits of VPN.
Coinbase Regulatory Compliance
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Author: Scott Matherson
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