Coinbase Says It Received Subpoena in CFTC’s Polymarket Inquiry

Coinbase Global Inc., the biggest crypto exchange in the US, sent emails to clients alerting them that it has received a subpoena from the U.S. Commodity Futures Trading Commission asking for information related to cryptocurrency-based predictions market Polymarket, according to a person familiar with the matter.

Polymarket, where people can bet on the outcome of events such as elections and sports matches, has been under regulatory scrutiny for several years. In 2022, the company settled CFTC charges that it offered off-exchange event-based binary options in New York City and failed to obtain designation as a designated contract market. As ...