Coinbase in the spotlight of the CFTC over its relationship with Polymarket! 🔍 On January 8, 2025, the exchange notified its customers that it had received a subpoena from the CFTC. The subpoena requests information about Polymarket users. However, Coinbase said that users do not need to do anything immediately. In the absence of a legal challenge, it may be forced to share some account information.

This development comes amid a crackdown on decentralized betting platforms. The CFTC considers Polymarket to be gambling. Polymarket, which correctly predicted Trump’s presidential victory, has previously been penalized by the CFTC. Despite blocking US users, some users are bypassing the restrictions with VPNs.

The subpoena sent to Coinbase increases tensions between the US government and the crypto industry. The Biden administration is tightening controls on the crypto industry. However, this could change with Trump taking office. Trump has promised to support crypto. 🚀