CFTC Demands Coinbase User Data In Bybit Probe
Crypto exchange Coinbase has received a subpoena from the Commodity Futures Trading Commission (CFTC) demanding user account information and transaction history.
This has sparked speculation that the CFTC is targeting Coinbase users who have interacted with Bybit, suggesting legal action against the Dubai-based exchange.
However, Coinbase may decide to counter the CFTC subpoena, and user information will not be handed over. Bybit, founded by Chinese entrepreneur Ben Zhou in 2018, introduced mandatory know-your-customer checks in May.
Following the collapse of Silvergate Bank, Bybit halted US dollar transfers and has faced regulatory scrutiny in the UK and Japan. The news of a CFTC subpoena against Coinbase users who share transaction history with Bybit suggests that Bybit’s regulatory woes will continue in the US.
(With inputs from Shikha Singh)
You need to login in order to Like
