Coinbase has received a subpoena from the Commodity Futures Trading Commission (CFTC) related to Polymarket, a blockchain-based prediction market. The request seeks general customer information regarding Polymarket, which rose to prominence during the recent U.S. presidential elections. An email from Coinbase to users indicated that the exchange might be required to supply information to the CFTC following legal processes. The CFTC previously took enforcement actions against Polymarket for failing to register its services. Despite scrutiny, Polymarket continues to grow, with an increase in active users. Coinbase confirmed that it reviews government requests for information carefully and will comply with legal requirements when necessary. Although Edward Snowden criticized Coinbase for high compliance levels, the exchange maintains it will only provide necessary data when lawfully required. As regulatory actions against crypto platforms continue, the effect this subpoena will have on Coinbase and the cryptocurrency landscape remains to be seen.

Source 🔗