The U.S. CFTC subpoenas Coinbase for payment information in the investigation of the MyForexFunds Ponzi scheme
ChainCatcher news, according to The Information, in an investigation into the website MyForexFunds, which is suspected of operating a Ponzi scheme, the Commodity Futures Trading Commission (CFTC) subpoenaed Deel and Coinbase for information regarding payment details between the two from the end of 2021 to the end of 2022.Last week, the CFTC froze MyForexFunds' assets and filed a lawsuit against it for defrauding investors, requesting the court to rule that all wages, fees, and other profits generated from the alleged fraudulent activities, whether paid to MyForexFunds or related third parties, must be returned.Court documents show that My Forex Funds' CEO Murtuza Kazmi also controls an account with Coinbase Commerce, and Kazmi and MyForexFunds received over $20 million in cryptocurrency transactions from what the CFTC claims are likely clients of trading companies through the Coinbase Commerce account. Coinbase charges a 1% fee on transactions made through Coinbase Commerce. Kazmi sent over $9.4 million in cryptocurrency from another Coinbase account to recipients who may be clients of MyForexFunds.A spokesperson for Coinbase stated, "We take all questions raised by regulators seriously," and committed to cooperating with regulators in compliance and other areas.