Bitcoin

<ul><li>Coinbase received a CFTC subpoena for information on user transactions linked to Dubai-based crypto exchange Bybit.</li><li>Bybit faces regulatory challenges and increased scrutiny after implementing KYC checks and halting US dollar transfers.</li><li>SEC intensifies regulatory oversight in the crypto sector, with actions against Coinbase for alleged illegal operations and PayPal receiving a subpoena.</li></ul>Coinbase, the United States&#39; largest cryptocurrency exchange, has been drawn into a regulatory inquiry involving Bybit, a crypto exchange based in Dubai. The Commodity Futures Trading Commission (CFTC) issued a <a href="https://x.com/bitroio_global/status/1729581573924938152?s&#61;20" rel="noopener noreferrer nofollow">subpoena to Coinbase</a>, seeking detailed information on user accounts and transactions, particularly those associated with Bybit.On November 27, 2023, Coinbase notified its users about the subpoena through emails. These communications highlighted that the exchange might have to provide the requested information to the CFTC unless a legal motion to quash or an objection is filed by November 30, 2023. The email, as reported by users, stated, &#34;Coinbase has been served with a subpoena,&#34; emphasizing that no immediate action was required from the recipients.The CFTC&#39;s investigation powers include issuing subpoenas and requesting voluntary statements. In compliance with legal obligations, Coinbase&#39;s policy involves disclosing necessary information in response to legal, regulatory, and governmental requests. This stance aligns with the exchange&#39;s commitment, as mentioned in a <a href="https://www.coinbase.com/legal/privacy" rel="noopener noreferrer nofollow">May post</a>, to comply with legal requirements, including those involving subpoenas.Read full article at <a href="https://cryptotale.org/regulatory-heat-turns-up-on-bybit-and-coinbase-amidst-crypto-scrutiny/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Regulatory Heat Turns Up on Bybit and Coinbase Amidst Crypto Scrutiny

CryptoTale

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