CFTC Subpoenas Coinbase Over Polymarket Customer Data
The CFTC isn't done with its war on predictions market platforms.
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.
Kazu Umemoto
Kazu Umemoto is an analyst and has been with Bankless since October 2024. Previously worked at an accounting firm doing tech auditing. He graduated from the University of Oregon with a degree in finance and a minor in computer science.
