BTC

$94648.295

1.68%

ETH

$3293.911

-0.55%

XRP

$2.311

-0.52%

BNB

$696.984

-0.02%

News

CFTC Subpoena to Coinbase Leaves Users Worried Over Leaked Data

6 hours ago - Around 2 mins mins to read

Key Points:

  • The U.S. Commodity Futures Trading Commission (CFTC) has subpoenaed Coinbase for information related to Polymarket.
  • The CFTC subpoena to Coinbase has unsettled some Coinbase clients regarding the potential disclosure of personal data.
Coinbase, the largest cryptocurrency exchange in the U.S., has announced to its customers that the U.S. Commodity Futures Trading Commission has issued a subpoena seeking information related to the prediction market platform Polymarket.
CFTC Subpoena to Coinbase Leaves Users Worried Over Leaked Data

Read more: Coinbase SEC Lawsuit Will Continue With Successful Appeal 

CFTC Subpoena to Coinbase for Polymarket Data

The exchange has written to users that it will have to share their account details with regulators should a motion to stay the subpoena not be filed by January 15, 2025.

The CFTC subpoena to Coinbase, which was posted to X by Eric Conner, co-founder of EthHub, indicates there’s nothing users need to do at this time, but the exchange may be compelled to comply with the CFTC’s request.

Polymarket Continues to be in Various Regulatory Crosshairs

Polymarket lets users bet on everything from election outcomes to sporting events. The company has been in regulatory crosshairs for several years. In 2022, it reached a settlement with the CFTC related to charges of operating an unregistered derivatives trading platform and offering off-exchange event-based binary options for $1.4 million.

As a result of the settlement, Polymarket restricted access to its platform in the United States. However, reports say that some U.S. users continue to bypass those restrictions through the use of VPNs.

The recent CFTC subpoena to Coinbase seems to be part of the agency’s ongoing investigation into the company’s operations and compliance with U.S. regulations. The prospect of sharing user information without specifying what it wants or why has unsettled some Coinbase clients.

 

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

CFTC

Coinbase

Commodity Futures Trading Commission

Polymarket

Avatar of Harold

Harold

With a passion for untangling the complexities of the financial world, I’ve spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. “The financial markets are a fascinating puzzle,” I often say, “and I love helping people make sense of them.” That’s what drives me to bring clear and insightful financial journalism to the readers of Coincu.