Coinbase, a popular cryptocurrency exchange, has revealed that it has been subpoenaed by the U.S. Commodity Futures Trading Commission (CFTC). The email sent to Coinbase users did not provide detailed information about the investigation, but it stated that Coinbase was requested to provide information about its users’ accounts and transaction activity. Coinbase assured its users that they do not need to take any action at this time. Observers have speculated that the subpoena may be related to Bybit, a rival platform, and its CEO, Ben Zhou. It is believed that the CFTC is trying to determine if Bybit had U.S. users, which could lead to regulatory action similar to what Binance and BitMEX experienced. Bybit, headquartered in Dubai, has more than 15 million users worldwide and does not serve restricted markets like the U.K. and the U.S. Coinbase, Bybit, and the CFTC have not yet responded to requests for comment. This subpoena is part of a series of regulatory actions taken against crypto-related firms by federal agencies in the U.S. In a separate case, Binance recently agreed to a $4 billion settlement with U.S. authorities and its founder resigned after pleading guilty to money laundering charges. Major stakeholders in the industry believe that these enforcement actions will bring more stability to the emerging cryptocurrency industry.

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Information	Details
Geography	Middle East
Countries	🇦🇪 🇺🇸
Sentiment	neutral
Relevance Score	1
People	Alice Comfy, Ben Zhou
Companies	Binance, DOJ, Bybit, Coinbase, CFTC
Currencies	None
Securities	None