Court Rules in Favor of Coinbase Delisting Wrapped Bitcoin

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by Giorgi Kostiuk

2 years ago

A California court has backed Coinbase's decision to delist Wrapped Bitcoin following a lawsuit from BiT Global.

Court Decision

California federal judge Araceli Martínez-Olguín allowed Coinbase to proceed with the delisting of Wrapped Bitcoin (WBTC). The decision came after a legal challenge from BiT Global, a digital asset custodian partly owned by Tron founder Justin Sun.

BiT Global's Lawsuit

BiT Global filed a $1 billion lawsuit against Coinbase, seeking a temporary restraining order to halt the delisting, claiming it would disrupt the WBTC market and financially harm investors. The judge denied the request, saying the company didn't provide enough evidence of immediate and serious harm.

Future Steps for Coinbase

The court offered BiT Global the opportunity to present stronger evidence in the future, but the current ruling allowed Coinbase to proceed with the WBTC delisting on December 19. Coinbase recently launched its own wrapped bitcoin token, cbBTC, raising questions about potential competitive motives.

The court's decision allows Coinbase to continue its actions despite BiT Global's objections, while providing the company with the chance to present additional evidence later.

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