The U.S. Commodity and Futures Trading Commission (CFTC) has reportedly subpoenaed four cryptocurrency exchanges in a bid to obtain their trading data as part of an investigation into market manipulation.
According to a The Wall Street Journal report on Friday, the financial market regulator is demanding comprehensive trading data from Bitstamp, Coinbase, itBit and Kraken, which altogether serve as a base for the bitcoin futures price listed by CME Group.
Citing sources familiar with the matter, the WSJ said the subpoena was issued because the CFTC was “upset” that CME had not succeeded in negotiating with the exchanges for access to their trading data.
The exchanges rejected the request initially, calling it “intrusive,” according to the report. Although the exchanges in the end did submit some trading data, their compliance only came after CME had compromised by limiting the range of its access from a full-day’s activity to just a few hours, and to limited market participants…