Coinbase tells some customers it received subpoena related to Bybit
Coinbase has alerted some users about a subpoena it received from a U.S. regulator involving crypto exchange Bybit, according to emails sent out by the exchange that were posted on social media. The CFTC has certain powers to conduct investigations, including through voluntary statements and subpoenas, according to its enforcement manual. Laws also require Coinbase to collect information.
Coinbase itself has faced regulatory scrutiny from the Securities and Exchange Commission after it was sued in June for allegedly operating illegally as an exchange, broker and clearing agency. Shortly before, the SEC sued Binance on similar charges, but also included allegations that the exchange lied to customers and misdirected capital to separate investment funds owned by former CEO Changpeng Zhao. "We may access, read, preserve, and disclose information when we believe it is reasonably necessary to comply with law, legal obligations, regulations, law enforcement, governmental, and other legal requests, court orders, or for disclosure to tax authorities," Coinbase said.
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