CFTC Reportedly Subpoenas Customer Info from Coinbase Related to Polymarket Probe

The Commodity Futures Trading Commission (CFTC) reportedly issued a subpoena to American crypto exchange Coinbase as part of an ongoing probe of the decentralized prediction market platform Polymarket.

In a post on social media platform X, Ethereum (ETH)-focused website EthHub co-founder Eric Conner shares what appears to be a screenshot of an email from Coinbase notifying customers that the exchange received a subpoena from the CFTC.

The email says the derivatives market regulator is seeking general customer information from Coinbase in relation to its investigation of Polymarket, a crypto-based betting platform that enables users to wager on the outcome of future events by trading shares in USDC.

“Biden’s CFTC is subpoenaing customer info from Coinbase in their case against Polymarket.”

Polymarket’s popularity surged during the US presidential election and its users correctly predicted the victory of Donald Trump.

In November, the Federal Bureau of Investigation raided the home of the platform’s CEO Shayne Coplan amid allegations that Polymarket violated a settlement agreement with the CFTC to block trades by US-based users.

But Coplan says the action is politically motivated.

“The incumbents should do some self-reflecting and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.”

 

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