Coinbase Alert Users on CFTC Subpoena in Bybit Investigation

Coinbase is warning its users that it has been issued a subpoena by the United States Commodity Futures Trading Commission (CFTC), according to posts by users on Twitter who have shared copies of the message. 

I’ve been off Twitter watching some football. One of my friends sent me this email he received from Coinbase. I do not know how many people are subject to this, what the scope is, etc. However, it looks like Coinbase and ByBit do not mix well together!

— Suitman (Clinically Insane) (@NotSuitman) November 28, 2023

Users who have both Coinbase and Bybit accounts are said to have received this message. The CFTC is seeking information about Bybit, and if a court does not reverse the subpoena by November 30, Coinbase may have to provide users’ account and transaction details to the CFTC.

Bybit, based in Dubai, had previously mentioned in its terms of service that it does not serve customers in the United States. However, users have reportedly accessed Bybit using virtual private networks (VPNs). 

In a notable development, Bybit announced that it had achieved 20 million users the day after Coinbase’s communication and positioned itself as a “top-three cryptocurrency exchange.”

Read More

2023-11-29 11:16