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The United States Commodity Futures Trading Commission (CFTC) has requested Coinbase Global, a publicly traded cryptocurrency exchange, to provide customer information related to transaction activity with Bybit accounts. Bybit, a centralized cryptocurrency exchange, has faced warnings from various jurisdictions, including the United States, Japan, and Canada, for operating without proper registrations. Coinbase users have reportedly received emails informing them of a subpoena from the CFTC. This regulatory scrutiny comes after the US government targeted Binance Holdings and is now focusing on other centralized exchanges like Kraken and Bybit. Bybit, headquartered in Dubai, has been subject to regulatory crackdowns due to concerns about high inflation resulting from speculative digital asset trading. The company has updated its terms of service to ensure compliance, including Know Your Customer (KYC) requirements. The United States Department of Treasury is reportedly preparing to take action against Bybit, potentially resulting in fines and legal consequences. However, Bybit’s top executives may not be obligated to comply, as the United States lacks jurisdiction over foreigners without an extradition treaty with the UAE. Despite the regulatory crackdown, the cryptocurrency market has shown resilience, with Bitcoin and Ethereum experiencing price gains. Bitcoin has risen by 3.2% in the past 24 hours, trading at around $38,268, while Ethereum has gained about 3% to trade at approximately $2,060. The total crypto market capitalization has increased by around 3.4% to approximately $1.51 trillion.