Coinbase Engages in Legal Battle with BiT Global Over wBTC

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by Giorgi Kostiuk

2 years ago

Coinbase has filed a legal response to BiT Global's lawsuit regarding the desire to keep the tokenized Bitcoin, wBTC, on its platform.

Coinbase's Position

Coinbase's Chief Legal Officer, Paul Grewal, confirmed in a post that the company has filed a response to the lawsuit to prevent the delisting of wBTC. Grewal claims that BiT Global's demands are unfounded and that the request for a temporary restraining order should be denied.

We’ve filed our response to BiT Global’s effort to stop our delisting of wBTC before any discovery or even formal response to their bogus claims. We explain why this lawsuit lacks merit and why their request for a TRO should be denied.Paul Grewal

BiT Global's Arguments

BiT Global argues that Coinbase is promoting a competing tokenized Bitcoin product, cbBTC, and using defamatory remarks to instil doubts about wBTC's regulatory stance and stability. Coinbase maintains that their reaction is out of a concern for users, noting that Mr. Sun has regulatory issues and market manipulation accusations.

Legal Violations Accusations

Coinbase argues that BiT Global demands they conduct business with an entity non-compliant with their standards. BiT Global accuses Coinbase of breaching several federal and state laws in their attempt to delist wBTC, including the Sherman Act and the Lanham Act on unfair monopolies.

The situation between Coinbase and BiT Global involves multiple allegations and counterclaims. It remains to be seen if the delisting conditions entail any legal breaches.

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