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Home»ADOPTION NEWS»Coinbase is notifying some of its customers that it has received subpoenas related to Bybit.
ADOPTION NEWS

Coinbase is notifying some of its customers that it has received subpoenas related to Bybit.

By Crypto FlexsNovember 29, 20233 Mins Read
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Coinbase is notifying some of its customers that it has received subpoenas related to Bybit.
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Coinbase warned some users that it had received a subpoena from U.S. regulators related to cryptocurrency exchange Bybit, according to an email sent by the exchange posted on social media.

An official familiar with the matter confirmed the authenticity of the email through a message sent to The Block.

“No action is required on your part, but Coinbase may respond to the subpoena unless a motion to dismiss or other objection to the subpoena filed in court is served before November 30, 2023. This may include: This includes sending information about the transaction to: Commodity Futures Trading Commission,’ the email said.

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

Regulatory Agency Investigation

The CFTC has certain powers to conduct investigations, including voluntary depositions and subpoenas, under its Enforcement Manual. Additionally, the law requires Coinbase to collect information, including on matters such as: summonsThe exchange said in a May post:

“We may access, read, preserve and disclose your information when we believe it is reasonably necessary to comply with any law, legal obligation, regulation, law enforcement, governmental and other legal requests, court order, or to disclose to tax authorities. there is.” Coinbase said.

Other federal agencies have requested subpoenas for cryptocurrency-related matters. Payment giant PayPal announced earlier this month summons Information from the Securities and Exchange Commission related to the PayPay USD stablecoin.

Coinbase itself has come under regulatory scrutiny from the Securities and Exchange Commission. be sued In June, it was indicted on charges of operating illegally as an exchange, broker and clearing agent. The SEC recently filed a lawsuit. Binance Similar charges were filed, but also included allegations that the exchange lied to customers and misdirected capital to segregate investment funds owned by former CEO Changpeng Zhao.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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