On December 16, Coinbase announced the delisting of Wrapped Bitcoin due to risks associated with Tron founder Justin Sun. This move sparked mixed reactions within the crypto community.
Coinbase's Approach to Delisting
Coinbase cited risks linked to Justin Sun and regulatory inquiries amidst allegations of financial misconduct. The exchange considers the collaboration with the WBTC project as a potential threat to its security and customer trust.
Bit Global's Reaction to Delisting
Bit Global filed a lawsuit against Coinbase, arguing that delisting WBTC would cause irreparable damage to the token's economy. The lawsuit also mentions a breach of antitrust laws by Coinbase due to its own cbBTC product launch.
Crypto Community Uproar
Prominent figures and social media users expressed dissatisfaction with Coinbase’s actions. Gabor Gurbacs from VanEck sees Coinbase's stance as contradictory amidst its own legal disputes.
Coinbase's decision to delist WBTC has triggered broad reactions and raised questions about the reliability and motivations of the crypto exchange. The outcome of this case may affect future collaborations between exchanges and projects and participants in the crypto space.
