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Coinbase Faces CFTC Legal Request Tied to Polymarket

by SB Crypto Guru News
January 9, 2025
in Crypto Updates
Reading Time: 3 mins read
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Coinbase



$3.51B

, a US-based cryptocurrency exchange, has informed its users about receiving a legal request from the Commodity Futures Trading Commission (CFTC). 

This subpoena is linked to Polymarket, a platform where users predict real-world events using cryptocurrencies.

Coinbase shared this update in a customer notice on January 8. Eric Conner, co-founder of EthHub, later shared the notice on a January 9 post on X. It explained that the subpoena seeks general customer information, including details about user accounts.

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Coinbase assured users that no action was needed on the customer’s part but noted the company might be required to share some account-related information with the CFTC.

According to the notice, Coinbase would provide the requested data unless it receives a formal motion to block the release of information by January 15, 2025. The notice clarified the legal framework under which Coinbase responds to the legal request.

The CFTC’s subpoena comes when Polymarket has been under scrutiny. In November 2024, the FBI searched the home of Polymarket CEO Shayne Coplan.

The FBI raid occurred after the 2024 US presidential election, which saw Donald Trump emerge as the winner on November 5. During this period, Polymarket gained attention as users placed bets on Trump’s victory, with some earning up to $50 million.

On January 7, Coinbase won a temporary pause in its legal battle with the SEC. What led to the triumph? Read the full story.

Aaron S. Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.




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Tags: Bitcoin NewsCFTCCoinbaseCrypto NewsCrypto UpdatesFacesLatest News on CryptoLegalPolymarketRequestSB Crypto Guru NewsTied
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