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Coinbase Receives Bybit Subpoena From CFTC, Issues Warning

Coinbase has warned that it could provide the CFTC with user information as part of the subpoena involving Bybit.

Photo by Markus Spiske / Unsplash

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Coinbase has warned its users about a subpoena it received from the United States Commodity Futures Trading Commission (CFTC), which is seeking information about crypto exchange Bybit.

Screenshots shared by Coinbase users show that the exchange could provide the CFTC with information on users accounts unless the subpoena is reversed by 30 November.

"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 read.

In May, Coinbase said it is required to collect information under subpoena requests.

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

Dubai-based Bybit has not responded to Coinbase's update but instead announced that the exchange has reached 20 million users, making it a “top-three cryptocurrency exchange.”

"Bybit has proved itself as a safe, highly effective crypto hub," said Ben Zhou, Bybit co-founder and CEO.

"Reaching 20 million registered users is not just a number for us; it represents the faith and enthusiasm of a community that believes in the potential of crypto and trusts Bybit as their preferred platform."