A federal judge has sided with Coinbase in its dispute with BiT Global over the delisting of Wrapped Bitcoin (wBTC). The virtual hearing took place on December 18, where it was decided not to block Coinbase's actions regarding the removal of wBTC from trading.
Court Ruling
Judge Araceli Martínez-Olguín ruled in favor of Coinbase, stating that BiT Global failed to show 'imminent irreparable harm' due to the wBTC delisting. The court did not issue a temporary restraining order against Coinbase.
BiT Global's Arguments
BiT Global filed a lawsuit on December 13, claiming that Coinbase's decision to delist wBTC would cause significant financial losses to coin holders. However, the delay in filing the lawsuit weakened BiT Global's arguments, as noted by the judge.
Coinbase's Position
Coinbase announced its intention to suspend wBTC trading on November 19, effective December 19. In response to BiT Global's lawsuit, Coinbase emphasized that the delisting is a well-considered corporate decision.
This legal case is ongoing, and further information will be added as it becomes available.
