TechFlow reported, citing The Block and informed sources, that Coinbase has sent emails to certain users stating it received a subpoena from U.S. regulators regarding the cryptocurrency exchange Bybit.
The email stated: "You do not need to take any action. Unless a motion to quash or other objection to the subpoena is filed with the court by November 30, 2023, Coinbase may respond to the subpoena, including providing information about your Coinbase account to the U.S. Commodity Futures Trading Commission (CFTC)." According to the CFTC's enforcement manual, the agency holds certain investigative powers, including obtaining voluntary statements and issuing subpoenas.
Earlier this year in May, Coinbase stated that U.S. law requires it to collect information, including matters involving subpoenas. Coinbase said: "We may access, read, preserve, and disclose information when we believe it is necessary to comply with laws, legal obligations, regulations, law enforcement, government and other legal requirements, court orders, or to disclose information to tax authorities."
