Coinbase Receives CFTC Subpoena Linked to Polymarket Platform
Whales Accumulate Bitcoin
In a recent development, Coinbase, a prominent US-based cryptocurrency exchange, has informed its users about receiving a legal request from the Commodity Futures Trading Commission (CFTC). The subpoena is linked to the Polymarket platform, which allows users to predict real-world events using cryptocurrencies.
Background on the Subpoena
According to a customer notice shared by Coinbase on January 8, the subpoena seeks general customer information, including details about user accounts. Eric Conner, co-founder of EthHub, later shared the notice on a January 9 post on X. Coinbase assured users that no action is needed on their part, but noted that the company might be required to share some account-related information with the CFTC.
Key Details of the Subpoena
The notice clarified that Coinbase would provide the requested data unless it receives a formal motion to block the release of information by January 15, 2025. This move is in line with the legal framework under which Coinbase responds to legal requests.
Polymarket Under Scrutiny
The CFTC’s subpoena comes at a time when Polymarket has been under scrutiny. In November 2024, the FBI searched the home of Polymarket CEO Shayne Coplan, following the 2024 US presidential election. During this period, Polymarket gained attention as users placed bets on Trump’s victory, with some earning up to $50 million.
Coinbase’s Recent Legal Battle
Interestingly, this development comes on the heels of Coinbase’s recent legal battle with the SEC. On January 7, Coinbase won a temporary pause in its legal battle with the SEC.
Conclusion
In summary, Coinbase has received a CFTC subpoena linked to the Polymarket platform, seeking general customer information. The company has assured users that no action is needed on their part, but may be required to share some account-related information with the CFTC. This development is the latest in a series of events surrounding Polymarket, which has been under scrutiny in recent months.
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