JAKARTA - Coinbase, one of the largest crypto exchanges in the world, revealed that it has received a summons from US regulator, Commodity Futures Trading Commission (CFTC). The summons request information about Coinbase users who also use Bybit, Dubai-based crypto exchange.
This summons raises the allegation that the CFTC is investigating Bybit, which is the fourth largest crypto exchange based on trading volume. Bybit allegedly violated US law for serving US customers without a regulatory license and without implementing anti-money laundering (AML) standards.
Coinbase sent emails to selected users earlier this week, informing them of a call letter from the CFTC. The email contains details about the information requested by the CFTC, such as name, address, phone number, and user transaction history.
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Users Don't Need To Do Anything
Coinbase confirms that no action is needed from the user and that the exchange can respond to summons with "motion to quash or other objections." If Coinbase succeeds, the exchange will not need to provide the requested user information. However, if the already submitted summons is served before November 30, Coinbase will be forced to send the information to the CFTC.
Bybit is a crypto exchange that offers crypto derivative trading, such as futures, perceptions, and options. Bybit claims to have more than 2 million users from around the world, including the US. However, Bybit has only introduced a mandatory KYC regime for users in May 2023, although it has been operating since 2018.
This raises speculation that Bybit is being investigated by regulators for allegedly violating US law, requiring crypto exchanges to have regulatory licenses and implementing AML standards. CFTC is a US government agency responsible for regulating the derivative market, including crypto derivatives. However, there has been no official confirmation from CFTC or Bybit of this investigation.
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