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<p>Cryptocurrency exchange Coinbase has informed a portion of its user base about a court subpoena received from the U.S. Commodity Futures Trading Commission (CFTC). The subpoena is critically linked to CFTC’s legal investigation into Dubai-based crypto exchange Bybit.</p>
<h2 id="bybit-could-face-serious-legal-troubles">Bybit Could Face Serious Legal Troubles</h2>
<p>Chinese Blockchain journalist and crypto expert Colin Wu recently suggested that the CFTC may have shifted its focus from <a href="http://en.coin-turk.com/binance-overcomes-sec-pressure-continues-operations-unimpeded/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> to Bybit. Wu pointed out that after settling issues with Binance, the CFTC is having difficulty reaching many Bybit employees in the U.S. and is seeking some user information from Coinbase. Bybit’s transactions to Coinbase, particularly those of American users, are under scrutiny to check for any regulatory violations in offering services to U.S. customers.</p>
<p><img decoding="async" class="aligncenter size-full wp-image-282195" src="https://coin-turk.com/wp-content/uploads/2023/11/Bybit-Borsasi-ABD.jpeg" alt="" width="1280" height="720"></p>
<p>Bybit is one of the most widely used and robust crypto derivatives trading platforms in the <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a>. The exchange also holds a significant stake in the global crypto derivatives trading market.</p>
<p>CFTC is currently investigating any transactions between Bybit and Coinbase, especially those involving American investors. If found, the crypto derivatives trading platform may face serious trouble. This follows the recent Binance incident, indicating that U.S. federal regulators are now targeting another major cryptocurrency exchange.</p>
<p>On the other hand, Bybit received a special ‘AA’ rating for both spot and derivatives trading categories in the CCData <a href="http://en.coin-turk.com/important-developments-of-the-upcoming-week-concern-cryptocurrencies/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto</a> Exchange Benchmark Report earlier this month. This recognition reflects the crypto exchange’s commitment to maintaining excellence, performance, and top-tier security standards.</p>
<h2 id="cftc-continues-to-exert-pressure-on-cryptocurrency-companies">CFTC Continues to Exert Pressure on Cryptocurrency Companies</h2>
<p>The CFTC has the authority to conduct investigations using tools such as voluntary statements and subpoenas, as specified in its enforcement guidelines. Even in cases involving a court subpoena, Coinbase must collect information in accordance with legal requirements, as stated in a post published in May. Coinbase has expressed its ability to access, read, protect, and share information when they believe it is reasonably necessary to comply with laws, legal obligations, regulations, law enforcement, government, and other legal demands, court orders, or to share information with tax authorities.</p>
<p>Additionally, other U.S. federal regulators have also been issuing subpoenas related to crypto matters. Recently, payment giant PayPal announced that it received a court subpoena from the U.S. Securities and Exchange Commission (SEC) concerning the proposed PayPal USD stablecoin earlier this month.</p>
<ul class="summary">
 <li>Coinbase users notified of CFTC subpoena.</li>
 <li>Bybit’s U.S. customer dealings under investigation.</li>
 <li>CFTC increases scrutiny on crypto-related activities.</li>
</ul> Continue Reading: <a href="https://en.coin-turk.com/crypto-exchange-coinbase-alerts-users-about-a-cftc-subpoena-possible-legal-woes-for-bybit/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/crypto-exchange-coinbase-alerts-users-about-a-cftc-subpoena-possible-legal-woes-for-bybit/</a>

Crypto Exchange Coinbase Alerts Users About a CFTC Subpoena: Possible Legal Woes for Bybit

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