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CFTC Subpoenas Coinbase Over Polymarket Customer Data

The CFTC isn't done with its war on predictions market platforms.
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Jan 9, 2025 • 1 min read

The Commodity Futures Trading Commission has subpoenaed Coinbase for customer information linked to Polymarket activity.

What’s the Scoop?

  • Reason for Subpoena: The subpoena targets user data related to Polymarket transactions conducted through Coinbase.
  • Polymarket Ban: Polymarket, which allows users to bet on future events, has been banned for U.S. customers since early 2022.
  • Past Experience: The CFTC has gone after Polymarket in the past, fining them over $1.4M in 2022 for not registering its services with regulators

Bankless Take:

While Coinbase has complied with the CFTC, this move has left many people in the crypto space disappointed. The CFTC's war on predictions markets has been a long, losing battle, but they continue to pursue Polymarket.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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