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ByBit Coinbase CFTC Small

Bybit Might Be In Major Trouble With Coinbase’s CFTC Investigation, Here’s Why

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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. 

Related Reading: Over 10,000 XRP Users Sign Up For Evernode Airdrop – What Are the Requirements?

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

In the email sent to its users, Coinbase stated that it would diligently follow orders of the CFTC’s subpoena unless the order is revoked by the government agency. 

“No action is required from you, but Coinbase may respond to the Subpoena unless served before November 30, 2023, with a motion to quash or other objection to the subpoena that has been filed with the Court – including by sending information concerning your Coinbase account to the Commodity Futures Trading Commission,” the email stated. 

Related Reading: FTX Fraud: Mercedes F1 Team And Major League Baseball Indicted In New Lawsuit

Coinbase’s actions come as the crypto exchange navigates the complex regulatory challenges it faces with both the CFTC and the United States Securities and Exchange Commission (SEC).

The crypto exchange has emphasized its commitment to complying with all regulatory requirements and mandates in order to maintain a secure and transparent trading environment.

Crypto total market cap chart from Tradingview.com (ByBit Coinbase CFTC)

Total market cap at $1.4 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from Jones Day, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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