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Bybit-related “subpoena” notices sent to U.S. Coinbase customers, focusing on CFTC actions

Bybit-related “subpoena” notices sent to U.S. Coinbase customers, focusing on CFTC actions

Is this an investigation into Bybt?
On the 27th, the US cryptocurrency exchange Coinbase reportedly notified some of its customers that it had received a subpoena related to Bybit from a US regulatory agency.
This information was spread through multiple user posts on social media.
According to the shared image, Coinbase said that “no action is required from customers,” but that “if a court injunction or other challenge is not filed by November 30, 2023, we will act on the subpoena.” “This could include providing information about your Coinbase account to the U.S. Commodity Futures Trading Commission (CFTC).”

What is a subpoena?
A subpoena (subpoena) is a document ordering a witness or evidence giver to testify in court or produce documents or exhibits.
Virtual currency glossary

Given these circumstances, the CFTC is believed to be targeting Coinbase customers who used Bybit and requesting them to provide their account information and transaction history.
Bybit is a cryptocurrency exchange headquartered in Dubai that was founded in 2018 and has a high usage rate among Japanese traders. In its terms of service, it claims that it does not offer its services in the United States.
However, we have also seen third-party information mentioning the possibility of access using a VPN (Virtual Private Network).
Bybit announced on the 28th that it is one of the top three cryptocurrency exchanges by trading volume and has reached 20 million users. The company also emphasized prudent risk management and AML (anti-money laundering) compliance compliance.
connection: Binance argues against US CFTC and asks court to dismiss lawsuit
What is CFTC?
The CFTC is an agency that supervises the futures trading market in the United States, including products listed on commodity exchanges, interest rates, and derivatives in general. In March of this year, the CFTC filed a lawsuit against Binance and CEO Changpeng Zhao (CZ) for providing derivatives trading services in the United States without filing a registration application with the CFTC.
The CFTC is stepping up its crackdown on the digital asset market. In 2022, we filed 45 lawsuits, particularly in the field of digital assets, resulting in over $6 billion (900 billion yen) in fines and compensation, accounting for approximately 34% of the total actions since 2015 (131 cases). Occupied.
connection: US CFTC Chairman urges review of regulations on new technologies including virtual currencies
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