Coinbase, a leading U.S.-based cryptocurrency exchange, has reportedly received a subpoena from the Commodity Futures Trading Commission (CFTC) concerning the crypto-based prediction market platform Polymarket. The subpoena, disclosed in a customer notice dated January 8, seeks general customer information, including data related to user accounts.
According to the notice, Coinbase may be required to provide certain user account information to the CFTC in response to the subpoena. Users are advised that unless a legal motion to quash or similar filing is served by January 15, 2025, Coinbase may proceed with sharing the requested information.
This development follows increased regulatory scrutiny of Polymarket. In November 2024, the FBI searched the home of Polymarket CEO Shayne Coplan, seizing electronic devices as part of an ongoing investigation. Polymarket, headquartered in New York, has been inaccessible to U.S. residents since 2022 after a $1.4 million settlement with the CFTC over operating an unregistered derivatives platform.
The CFTC’s subpoena to Coinbase underscores the agency’s commitment to enforcing compliance within the cryptocurrency sector. Users are reminded to stay informed about regulatory developments and to ensure their activities align with current legal standards.
