Coinbase warns customers about subpoena in apparent CFTC Bybit probe
Coinbase has alerted its users that it received a subpoena from the U.S. Commodity Futures Trading Commission (CFTC) seeking information about the Bybit cryptocurrency exchange. It's believed that Coinbase users who also used Bybit received this notification. If the subpoena isn't overturned by a court by Nov. 30, Coinbase may supply user account information and transaction activity to the CFTC. This follows Bybit's announcement of reaching 20 million users and its introduction of Know Your Customer (KYC) verification. The CFTC, identifying itself as the primary enforcement agency for crypto, initiated 47 cases in the digital assets sector, representing 49% of the cases filed in fiscal 2023. Both Coinbase and Bybit have not commented on the issue.
