Coinbase received a subpoena involving Bybit and may send some user account information to the CFTC

ChainCatcher news, citing sources from The Block, reports that Coinbase has sent emails to some customers stating that it has received a subpoena from the Commodity Futures Trading Commission (CFTC) regarding Bybit.

In the email sent to users, Coinbase stated that no action is required on their part, but Coinbase may respond to the subpoena unless a motion to quash is delivered or other objections to the subpoena submitted to the court are raised by November 30, 2023 -- including sending information related to your Coinbase account to the Commodity Futures Trading Commission. A source confirmed the authenticity of the email.

According to its enforcement manual, the CFTC has certain powers to conduct investigations, including through voluntary statements and subpoenas. Coinbase stated in a May article that U.S. law requires Coinbase to collect information, including matters related to the subpoena.