CFTC’s Request for Coinbase User Data Linked to Bybit Investigation – What’s Going On?
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Ad Disclosure
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Coinbase users are reportedly receiving emails notifying them that their customer information might be shared with the US Commodities Futures Trading Commission (CFTC) following a subpoena served to Coinbase.
While the exchange has not publicly commented on the matter, the legal order appears to be related to an investigation involving Bybit, a Dubai-based crypto exchange founded by Ben Zhou.
Judging from screenshots of the email shared by Coinbase users on X, the exchange mentioned a possible protest against the subpoena in court before a November 30 deadline.
CFTC Subpoena to Coinbase In The Matter Of Bybit Fintech Ltd. and Ben Zhou. @coinbase & @Bybit_Official pic.twitter.com/uJWe1urBzi
— Ƀitcoin Chris (@CryptoChrisG) November 27, 2023
Despite this, a report from Decrypt citing unnamed sources have suggested that Coinbase is indeed working with the CFTC to determine the data to be shared, aiming to limit the scope as much as possible.
More users targeted
On X, some Coinbase users speculated about being targeted by the federal government, suggesting that only those using both Coinbase and Bybit might be affected.
“Anyone who ever sent from bybit to crimebase got that email. Probably the cftc fishing for burger users to establish jurisdiction,” one user said.
Notably, however, multiple users who claimed to have never used Bybit or created accounts with the exchange have also received the subpoena notice emails from Coinbase, according to Decrypt’s sources.
Coinbase and the CFTC have still not commented publicly on the matter.
The CFTC has previously taken legal action against Binance for various violations, including failure to implement know-your-customer (KYC) requirements and operating illegal digital assets derivatives exchanges.
In the recent settlement between Binance and the US Department of Justice (DOJ), Binance agreed to pay a $1.35 billion fine for violating CFTC guidelines.
Bybit began enforcing KYC standards across all of its services in May 2023.
As of now, no lawsuit has been filed against Bybit by the CFTC.
- Trump Appoints PayPal Veteran David Sacks as ‘White House AI and Crypto Czar’
- What’s Happening in Crypto Today? Daily Crypto News Digest
- Trader Explains Why XRP Could Skyrocket to $100 After Tristan Tate X Post
- US SEC Scales Back 50-Member Crypto Enforcement Team: Report
- Michael Saylor Teases “Big Strategy Day,” Crypto Community Reacts






