Bitcoin Exchange Coinbase Sent an E-Mail to Its Users About Bybit Exchange!

According to emails sent by Coinbase and posted on social media, the exchange informed some of its users about the subpoena it received from a US regulator regarding crypto exchange Bybit.

Such an incident occurred because the CFTC collected information about Bybit and requested information from other exchanges. The relevant information was sent to users who had previously deposited or withdrawn money from Coinbase to the Bybit exchange.

Coinbase Informed Its Users About Bybit Exchange

“You are not being asked to take any action, including submitting information about your Coinbase account to the Commodity Futures Trading Commission, unless Coinbase is served with a subpoena or other objection filed with the Court before November 30, 2023,” the email said. may respond to the Subpoena.” expressions are included.

The CFTC did not respond to a request for comment and Bybit also declined to comment. Bybit, headed by CEO Ben Zhou, is headquartered in Dubai.

The CFTC has certain powers to conduct investigations, including voluntary depositions and subpoenas.

The law requires Coinbase to collect information, including on matters involving subpoenas, the exchange said in a May post.

“We may access, read, preserve and disclose information when we believe it is reasonably necessary to comply with laws, legal obligations, regulations, law enforcement, governmental and other legal requests, court orders, or to disclose to tax authorities,” Coinbase said.

Coinbase faced regulatory scrutiny from the Securities and Exchange Commission after being sued in June for allegedly operating illegally as an exchange, broker and clearing house. Recently, the SEC filed a lawsuit against Binance with similar accusations.

*This is not investment advice.