Bybit Under Threat: Legal Challenges Loom if American Investors Transfer Funds to Coinbase

Crypto News– Earlier today, Coinbase conveyed to a segment of its user base news about a subpoena it received from the Commodity Futures Trading Commission (CFTC). This subpoena is part of the CFTC’s investigation into Bybit, a cryptocurrency exchange based in Dubai. Crypto analyst Colin Wu, in a recent assessment, suggested a shift in the CFTC’s focus from Binance to Bybit. Following the resolution of issues with Binance, Wu proposes that the CFTC, faced with challenges in locating many Bybit employees in the U.S., is now seeking user details from Coinbase. The objective is to scrutinize transfers from Bybit to Coinbase, particularly those involving American users, to ascertain if Bybit is violating any regulations by providing services to U.S. customers.

Bybit Under Threat: Legal Challenges Loom if American Investors Transfer Funds to Coinbase

Bybit stands out as one of the most extensively used and robust derivatives trading platforms in the market, boasting a significant presence in the global crypto derivatives trading landscape.

Just earlier this month, Bybit achieved an exclusive ‘AA’ rating in both Spot and Derivatives trading categories in the recent CCData Crypto Exchange Benchmark Report. This accolade underscores the exchange’s commitment to excellence and adherence to high standards in performance and security.