CFTC planning to take action against Bybit crypto exchange: Report
Coinbase exchange raised alarm for the crypto investors ready to see the next legal action against the Bybit crypto exchange or some Coinbase customers.
Coinbase is a top American crypto exchange which trades on the Nasdaq under COIN ticker. This year this exchange was sued by the United States Securities and Exchange Commission (SEC) for unregistered securities offerings and running an unregistered securities exchange.
According to reports the Commodities Futures Trading Commission (CFTC) asked for some information from the Coinbase exchange regarding the customers who used the Bybit crypto exchange.
In short, the CFTC agency is investigating those Coinbase customers who used Bybit & also transferred funds between these two crypto exchanges.
A person familiar with this matter confirmed that the investigation is true and the CFTC agency has nothing to do with the Binance exchange, so stepping in a new case with its authority.
Coinbase Exchange confirmed through a mail to some specific customers that its customers’ data are secured and it will not share any information with any regulatory body until it finds any critical issue or needs to comply with the rules & laws of the country. Here it doesn’t mean that Coinbase will not share any information with the CFTC body, it only means that all those Coinbase customers who used Bybit only will be exposed soon.
Bybit exchange is a Dubai headquartered crypto exchange which was founded in 2018. This exchange provides crypto services globally but is restricted in several jurisdictions including the US, UK, China, Singapore, etc.
As we know any person can buy virtual mobile numbers at a penny fee to get registered on any international Crypto exchange and also we know that the majority of the crypto exchanges allow customers to transfer a limited amount of funds every month.
Because of no KYC restrictions by the majority of the global crypto exchanges three years ago, people were able to access any crypto exchange via virtual mobile numbers & VPN services easily. And now it is time for the regulatory bodies to discover all those people who misused such open loopholes for personal benefits & unethical activities.
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